Why Is Qorvo (QRVO) Stock Rocketing Higher Today

Kayode Omotosho /
2023/05/04 2:22 pm EDT

What Happened:

Shares of communications chips maker Qorvo (NASDAQ: QRVO) jumped 6.87% in the morning session after the company reported fourth-quarter results that exceeded analysts' revenue, free cash flow, and earnings per share (EPS) expectations. Inventory levels also improved. However, revenue guidance for the next quarter missed Consensus estimates. Overall, it was a decent quarter for the company. After the initial pop the shares cooled down to $94.79, up 1.3% from previous close.

What is the market telling us:

Qorvo's shares are somewhat volatile and over the last year have had 15 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business.

Qorvo is up 6.28% since the beginning of the year, but at $94.79 per share it is still trading 20.6% below its 52-week high of $119.34 from May 2022. Investors who bought $1,000 worth of Qorvo's shares 5 years ago would now be looking at an investment worth $1,190.

Is now the time to buy Qorvo? Access our full analysis of the earnings results here, it's free.