Qorvo (NASDAQ: QRVO) sizzled on the stock market in 2020 as its mobile business regained its mojo on the back of growing demand for 5G-network-enabled smartphones. Shares of the radio-frequency chip specialist doubled in value within the space of a few months in 2020, and it looks all set to repeat that terrific performance this year as well.
Qorvo’s latest quarterly results and guidance blew past expectations and give us a glimpse of the big catalysts it is sitting on. Let’s take a closer look at the reasons why 2021 could turn out to be another outstanding year for investors in this top 5G stock.
Qorvo’s revenue for the third quarter of fiscal 2021 (ending on Jan. 2, 2021) increased 26% year over year to nearly $1.1 billion. Adjusted earnings increased to $3.08 per share during the quarter, from $1.86 per share a year ago.