RTTNews | Nov 5, 2020 10:08AM EST

10:08 Thursday, November 5, 2020 (RTTNews.com) - Shares of Qorvo (QRVO) reached a 52-week high of $152.36 today and are currently trading at $147.93, up $14.19 or 10.61% Thursday morning. Trading volume is rising over 1.05 million versus an average volume of 1.16 million shares.

The company reported Q2 net income of $136.9 million or $1.18 per share compared to $83.0 million or $0.70 per share last year. On a non-GAAP basis, net income rose to $282.3 million or $2.43 per share from $175.1 million or $1.50 per share a year ago. Analysts polled by Thomson Reuters expected earnings of $2.12 per share for the quarter. Analysts' estimate typically exclude certain special items. Revenue for the quarter increased to $1.06 billion from $806.7 million generated in the prior year period.

Q3 Outlook

The company expects third-quarter non-GAAP earnings of $2.65 per share at the midpoint of guidance, and revenue of $1.06 billion, plus or minus $15 million. Wall Street analysts estimate earnings of $1.90 per share on revenue of $923.35 million for the quarter.

Mark Murphy, chief financial officer of Qorvo, said, "We project robust end market demand to continue into the December quarter. With our product and technology mix, operating performance and capital discipline, we are projecting record operating margins in the current quarter and free cash flow of approximately $900 million for the fiscal year."

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