Qorvo Reports Q2 Beat, Announces $2 Billion Stock Repurchase Program By Investing.com

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Qorvo Reports Q2 Beat, Announces $2 Billion Stock Repurchase Program

Published Nov 02, 2022 17:40

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Qorvo Reports Q2 Beat, Announces $2 Billion Stock Repurchase Program

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By Davit Kirakosyan

Qorvo (NASDAQ:QRVO) reported its Q2 results, with EPS of $2.66 coming in better than the consensus estimate of $2.54. Revenue was $1.16 billion, beating the consensus estimate of $1.13 billion.

“Qorvo delivered a solid September quarter, supported by a large customer launch and strength in defense and power. In the December quarter, Qorvo is continuing to adjust to weakening end-market demand while taking steps to significantly reduce inventory in the channel,” said Bob Bruggeworth, president and CEO of Qorvo,.

For Q3, the company expects EPS to be in the range of $0.50-$0.75 and revenue in the range of $700-750 million.

The company also announced that its Board of Directors has authorized the repurchase of up to $2 billion of the company’s outstanding common stock.

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