Qorvo (QRVO) Stock Rising on Earnings Beat

Qorvo (QRVO) stock is up in midday trading on Friday, after the company reported its fiscal 2016 second quarter earnings results.
By Amanda Albright ,

NEW YORK (TheStreet) -- Qorvo (QRVO) - Get Report  stock is popping 20.50% to $54.32 in midday trading on Friday, after the company's fiscal 2016 second quarter results beat expectations. 

After the market close on Thursday, the Greensboro, NC-based semiconductor company reported adjusted earnings of $1.22 per share. Revenue increased 12% year over year to $708.3 million. 

Analysts were expecting the company to report earnings of $1.11 cents per share on revenue of $700 million. 

"Design activity during the quarter was particularly robust, as we secured multiple opportunities to expand content in the marquee smartphones launching in calendar 2016 and 2017 and positioned IDP to accelerate growth across its target markets," Qorvo CEO Bob Bruggeworth said in a statement. 

Additionally, Qorvo announced today that it proposes to offer $1 billion in senior notes due in 2023 and 2025.

Separately, TheStreet Ratings team rates QORVO INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

We rate QORVO INC (QRVO) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations and expanding profit margins. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

You can view the full analysis from the report here: QRVO

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Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.

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