Qorvo Jumps After Boosting Guidance on Strong Demand

imageStock MarketsSep 09, 2020 12:28PM ET

(C) Reuters.

By Christiana Sciaudone

Investing.com — Qorvo (NASDAQ:QRVO) jumped 9% after the company boosted guidance.

Broad-based mobile demand for Qorvo’s 4G and 5G mobile products in the current quarter is exceeding the company’s original expectations.

The radio modules and remote control systems maker updated fiscal 2021 second quarter guidance, with revenue now expected between $1 billion and $1.03 billion, compared to the previous estimate of between $925 million and $955 million. Earnings per share is now expected at $2.14 at the midpoint compared to the previous estimate of $1.90. The previous guidance had been given on July 29.

Shares are up 79% since March. Qorvo shares have 13 buy ratings, three holds and no sells.

Qorvo Jumps After Boosting Guidance on Strong Demand

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