— Shares of the chipmaker shot up more than 18% after the company posted quarterly results that topped analyst expectations. Qorvo reported earnings per share of $1.52 on revenue of $807 million. Analysts polled by Refinitiv expected a profit of $1.30 per share on sales of $754 million. The company also announced a $1 billion buyback program and issued strong fiscal third-quarter guidance, citing strong handset demand.
The company did say, however, that its nutrition and biosciences division saw a boost in food and beverage volumes driven by gains in specialty proteins from growing demand for plant-based meats.— Shares of Arista Networks plunged more than 25% in midday trading after the high-flying computer networking company issued fourth-quarter guidance well below what analysts were expecting.
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