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Qorvo Q1 Profit Rises, Tops View; Stock Up

Qorvo (QRVO) reported that its first-quarter net income rose to $96.9 million or $0.83 per share from $39.5 million or $0.33 per share in the previous year.

On a non-GAAP basis, net income per share was $1.50 compared to $1.36 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.13 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter increased to $787.5 million from $775.6 million last year. Analysts expected revenue of $730.17 million for the quarter.

For the second-quarter, the company expects non-GAAP earnings per share of $1.90 at the midpoint of guidance; revenue in the range of $925 million to $955 million. Analysts expect the company to report earnings of $1.44 per share and revenue of $802.77 million for the second-quarter.

QRVO closed Wednesday regular trading at $115.28 up $1.89 or 1.67 percent. In the after-hours trade, the stock further gained $8.72 or 7.56 percent.

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