5G Innovations & Defense Wins Help Qorvo Post Exceptional Fiscal Q3 Results

Qorvo released its financial results for the fiscal 2020 third quarter (Q3), ending December 28, 2019. The company delivered a good December quarter with $869 Million in revenue. In mobile products, 5G design wins are accelerating, and in IDP (Infrastructure & Defense Products), Qorvo is enjoying robust design win momentum. The company is also looking forward to welcoming two industry-leading teams, Decawave and Custom MMIC, to the Qorvo family, thus expanding its technology portfolio and product offerings.

Strategic Highlights:
Financial Outlook

According to Mark Murphy, Chief Financial Officer of Qorvo, the company’s December quarter results and March quarter guidance reflect strength in end markets of 5G, Wi-Fi and Defense and continued strong operating performance. Given the operating results and capital management, the company now forecasts free cash flow for the full fiscal year of over $700 million. Qorvo currently believes the demand environment in its end markets supports the following expectations for the March 2020 quarter:

  • Quarterly revenue in the range of $800 million to $840 million
  • Non-GAAP gross margin of approximately 48.5%
  • Non-GAAP diluted earnings per share of $1.55 at the midpoint of guidance

Qorvo's actual quarterly results may differ from these expectations and projections, and such differences may be material.

Click here for more information on the financial results.

Qorvo

  • Country: United States
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