Shares of Qorvo Inc.
fell more than 9% in the extended session Wednesday after the company, which makes radio-frequency chips and others, reported quarterly earnings and sales above Wall Street expectations and guided for next-quarter sales also above views. Qorvo said it earned $1.1 billion, or $1.74 a share, in its fiscal 2021 third quarter, compared with $161.4 million, or $1.36 a share, in the year-ago quarter. Adjusted for one-time items, the company said it earned $3.08 a share. Sales rose to $1.1 billion from $869 million a year ago. Analysts polled by FactSet had expected the company to report adjusted earnings of $2.68 a share on sales of $1.07 billion. The company said it expects “robust end-market demand to continue into the March quarter, driving strong year-over-year revenue growth and operating margin expansion.” Qorvo guided for fiscal fourth-quarter sales between $1.025 billion and $1.055 billion and adjusted EPS at $2.42 at the midpoint. The stock ended the regular trading day down 1.9%.