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Qorvo (QRVO) Stock Drops in After-Hours Trading Despite Q1 Beat

NEW YORK (TheStreet) -- Qorvo (QRVO) reported better-than-expected earnings and revenue for the 2017 fiscal first quarter after Tuesday's closing bell.

The Greensboro, NC-based RF solutions provider posted adjusted earnings of $1.08 per share, topping analysts' estimates of $1.05 per share.

Revenue rose 4% to $698.5 million year-over-year. Wall Street was looking for revenue of $650.62 million.

"In the September quarter, we continue to see strong demand in support of this year's most popular devices, and we're rapidly expanding our capabilities to develop new highly integrated solutions for large customer opportunities launching in 2017 and 2018," CEO Bob Bruggeworth said in a company statement.

For the fiscal 2017 second quarter, Qorvo expects earnings per share between $1.35 and $1.45 on revenue of $820 million to $850 million. Analysts are modeling earnings of $1.28 per share on revenue of $713.4 million.

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