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Strategies & Market Trends : Technical analysis for shorts & longs

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Nov 4 4:00 PM EST

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To: Johnny Canuck who wrote (51258)	1/28/2015 7:06:22 PM
From: Johnny Canuck	Read Replies (1) of 67640

January 28, 2015, 4:29 P.M. ET Qorvo Drops 7% Despite FYQ3 Rev Beat, Higher Q4 View By Tiernan Ray Shares of wireless chip vendor Qorvo (QRVO) are down $5.30, or 7%, at $70.20, after the company this afternoon reported fiscal Q3 revenue that topped Street estimates in the first quarterly report for the company that was created from the merger in December of RF Micro Devices and TriQuint Semiconductor. Revenue in the three months ended in December rose to $742 million, including $397 million from RF Micro and $344.9 million from TriQuint. RF Micro EPS was $1.18. Analysts had been modeling $723 million and $1.18. For the current quarter, the company forecast revenue of $615 million to $625 million, and EPS of 80 cents to 90 cents. That is above the average estimate for $612 million and 83 cents. Qorvo CEO Bob Bruggeworth said the company expects “to outpace the industry growth rate of 10%-15% and achieve our target operating model of 50% gross margin, 20% operating expenses, and 30% operating margin.” CFO Steve Buhaly called the combined companies’ results “outstanding” adding “we’re proud to be launching Qorvo on the strength of such exceptional performance.” “We believe we can outpace our markets in 2015, and our March 2015 quarterly guidance implies year-over-year revenue growth of greater than 40%,” he added.

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