Apple component supplier (NASDAQ: QRVO) has underperformed the broader market in 2023 so far, recording gains of just 17% compared to the Nasdaq Composite's gains of 33%. But that may be about to change, the chipmaker's fiscal 2024 first-quarter results indicate.

Qorvo released its fiscal 2024 first-quarter results (for the three months ended July 1) on Aug. 2. The company's revenue and earnings were way better than what analysts were anticipating. More importantly, Qorvo delivered outstanding guidance for the current quarter that points toward a terrific sequential acceleration in its revenue.

It won't be surprising to see this underperforming semiconductor stock step on the gas in the second half of the year. Let's look at the reasons why that may be the case.

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Source Fool.com