Shares of Qorvo (NASDAQ: QRVO), a leading provider of semiconductor solutions, surged 7.99% in after-hours trading on Tuesday following the company's impressive fiscal 2026 first-quarter results and optimistic second-quarter guidance.

The chipmaker reported Q1 adjusted earnings per share of $0.92, significantly surpassing the analyst consensus estimate of $0.63. This represents a 47.2% beat and a 5.75% increase from the same period last year. Revenue for the quarter came in at $818.8 million, exceeding expectations of $775.6 million by 5.57%. Despite the strong performance, this still marks a 7.66% decrease from the previous year's sales.

Qorvo's CEO Bob Bruggeworth expressed confidence in the company's strategic initiatives, stating, "We are undertaking a broad set of initiatives to structurally enhance profitability, and we are already seeing the positive effects of these strategic actions." The company's focus on improving margins was evident in its Q1 adjusted gross margin of 44%, which reached the high end of its guidance.

Looking ahead, Qorvo provided an upbeat forecast for the second quarter, further fueling investor enthusiasm. The company expects Q2 revenue of approximately $1.025 billion, plus or minus $50 million, well above the consensus estimate of $954.56 million. Additionally, Qorvo projects Q2 adjusted earnings per share of $2.00, plus or minus 25 cents, surpassing analyst expectations of $1.62 per share. The company also anticipates Q2 gross margins to improve to between 48% and 50%.

The strong results and positive outlook reflect Qorvo's ability to navigate challenges in the semiconductor industry and capitalize on growth opportunities. Investors appear particularly encouraged by the company's expectations for sequential growth and margin expansion in the coming quarter, driven by increases in Qorvo's content and unit volumes in large customer programs.