GREENSBORO, N.C. (AP) _ Qorvo Inc. (QRVO) on Wednesday reported fiscal fourth-quarter profit of $298.7 million.

The Greensboro, North Carolina-based company said it had net income of $2.60 per share. Earnings, adjusted for one-time gains and costs, came to $2.74 per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.44 per share.

The chipmaker posted revenue of $1.07 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $1.04 billion.

For the year, the company reported profit of $733.6 million, or $6.32 per share. Revenue was reported as $4.02 billion.

For the current quarter ending in July, Qorvo expects its per-share earnings to be $2.45.

The company said it expects revenue in the range of $1.07 billion to $1.1 billion for the fiscal first quarter.

Qorvo shares have increased almost 10% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $182.56, an increase of 87% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QRVO at https://www.zacks.com/ap/QRVO