Qorvo, Inc. Q2 Profit Decreases, but beats estimates

(RTTNews) - Qorvo, Inc. (QRVO) released a profit for second quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings came in at $188.6 million, or $1.82 per share. This compares with $319.2 million, or $2.84 per share, in last year's second quarter.

Excluding items, Qorvo, Inc. reported adjusted earnings of $276.2 million or $2.66 per share for the period.

Analysts on average had expected the company to earn $2.57 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 7.2% to $1.16 billion from $1.25 billion last year.

Qorvo, Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $188.6 Mln. vs. $319.2 Mln. last year. -EPS (Q2): $1.82 vs. $2.84 last year. -Analyst Estimates: $2.57 -Revenue (Q2): $1.16 Bln vs. $1.25 Bln last year.

-Guidance: Next quarter EPS guidance: $0.50 to $0.75 Next quarter revenue guidance: $700 - $750 Mln