NEW YORK (TheStreet) -- Qorvo (QRVO) - Get Report stock is higher by 7.09% to $47.67 in mid-afternoon trading on Thursday, after the company reported 2016 fourth quarter financial results that topped expectations and raised its 2017 first quarter guidance.
After yesterday's market close, the wireless chip maker reported adjusted earnings of $1.04 per share on revenue of $607.1 million for the most recent quarter.
Analysts had forecast for adjusted earnings of 92 cents per share on revenue of $599 million.
"During the March quarter, Qorvo enjoyed strong customer demand for our highly integrated solutions, led by products incorporating our premium filters," CEO Bob Bruggeworth said in a statement. "Across all of Qorvo's markets, it's increasingly clear that our industry-leading portfolio of RF products and technologies represents a significant competitive advantage."
For the current quarter, Qorvo expects to report earnings of roughly $1.05 per share on about $650 million in revenue, above analysts' estimates for earnings of 95 cents per share on $625 million in revenue.
Bruggeworth said on the company's conference call that its guidance is conservative, as it expects "some pretty good-selling products," out of its top customer Apple (AAPL), TheStreet's Jim Cramer pointed out in the above video.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.
Qorvo's strengths such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations are countered by weaknesses including deteriorating net income and disappointing return on equity.
You can view the full analysis from the report here: QRVO
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.