NEW YORK (TheStreet) -- Qorvo (QRVO) shares are up 8.58% to $74.99 in afternoon trading on Thursday after the company reported its fourth quarter earnings results after the closing bell yesterday.
The Greensboro, NC-based radio frequency technology manufacturer reported fourth quarter earnings of $167.2 million, or $1.11 per share, easily topping analysts' 87 cent per share expectations for the period. Revenue for the period was $635 million, ahead of analysts' $623 million estimates.
For the current quarter the company forecast earnings of $1.10 per share on revenue between $660 million and $670 million. Analysts are expecting the company to report earnings of 98 cents per share on revenue of $651 million.
Separately, analysts at Needham raised the company's rating to "buy" from "hold" while setting an $88 price target on the stock.
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