Share prices of Qorvo (NASDAQ: QRVO) have gained 20% since the beginning of July thanks to a rally in semiconductor stocks. What's surprising is that Qorvo, which counts Apple (NASDAQ: AAPL) as its largest customer, is struggling, unlike other component suppliers such as Skyworks Solutions (NASDAQ: SWKS) and Cirrus Logic. Both Skyworks and Cirrus recently released solid results even though smartphone shipments were down last quarter, driven by a mix of content gains in premium smartphones and their relationship with Apple.
Qorvo (QRVO) beats fiscal first-quarter earnings and revenue estimates due to strong growth across cellular applications.
Qorvo (QRVO) delivered earnings and revenue surprises of 6.13% and 0.79%, respectively, for the quarter ended June 2022. Do the numbers hold clues to what lies ahead for the stock?