Chipmaker Qorvo rises on strong first-quarter forecast

Shares of chipmaker Qorvo QRVO.O rise 8.5% to $68 in extended trading

QRVO expects first-quarter revenue of $775 million, plus or minus $25 million, above analysts' estimates of $757 million, according to data compiled by LSEG

The company expects first-quarter adjusted EPS between $0.50 and $0.75 per share, midpoint of which is above analysts' estimates of $0.60 per share

"Our growth and margin targets are anchored in a multi-year strategy focused on winning content with our largest customer and building on our core radio frequency and power expertise to drive diversification through CSG and HPA chips," CEO Bob Bruggeworth said

Up to last close, stock had fallen 10.4%