Qorvo has announced financial results for the Company's fiscal 2020 fourth quarter that ended March 28, 2020. Revenue for Qorvo's fiscal 2020 fourth quarter was $788 million, gross margin was 42.6%, operating income was $102 million and diluted earnings per share was $0.43. This was higher than their revised quarter outlook that they gave in March this year at the onset of the Coronavirus Pandemic.
Qorvo CEO, Bob Bruggeworth, said that they delivered a strong quarter under challenging circumstances. Their technologies and operations are more important than ever as Qorvo supports global deployments in 5G handsets and infrastructure, defense, Wi-Fi 6, and IoT.
Strategic Highlights for the Quarter
- Enabled sub-6 GHz 5G network deployments with the ramp of GaN power amplifiers and small-signal solutions
- Accelerated Wi-Fi 6 shipments and secured cable amplifier design wins to support increased data to the home
- Enjoyed growth in data centers, computing and gaming consoles with differentiated programmable power management solutions
- Sampled broadband 100-watt (27-31 GHz) and 130-watt (32-38 GHz) millimeter-wave power amplifiers, expanding portfolio of GaN-based solid-state amplifiers for defense applications
- Supported the Samsung Galaxy S20 platform with a broad set of high performance and highly integrated advanced 4G and 5G components
- Supplied a leading smartphone manufacturer with the complete main path (LB, MHB, and UHB integrated solutions) as well as Wi-Fi FEM, switches and tuners for flagship 5G smartphone
- Expanded position in UHB solutions at leading Android smartphone manufacturers and across all 5G chipset solutions
- Completed the acquisition of Custom MMIC, expanding leadership in GaAs and GaN RF solutions for defense and aerospace applications
- Completed the acquisition of Decawave, positioning Qorvo as a leading provider of ultra-wide-band (UWB) system solutions for proximity awareness, secure payments and secure access in smartphones, automotive and IoT
- Introduced high sensitivity point-of-care diagnostic test platform, utilizing acoustic resonator technology, for veterinary applications
Financial Commentary and Outlook
Qorvo currently believes the demand environment in its end markets supports the following expectations for the June 2020 quarter:
- Quarterly revenue in the range of $710 million to $750 million
- Non-GAAP gross margin of approximately 47.5%
- Non-GAAP diluted earnings per share of $1.13 at the midpoint of guidance
- Qorvo's actual quarterly results may differ from these expectations and projections, and such differences may be material.
Qorvo's actual quarterly results may differ from these expectations and projections, and such differences may be material.
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