Qorvo, a global provider of connectivity and power solutions, has announced financial results for the Company’s fiscal 2023 fourth quarter ended April 1, 2023. On a GAAP basis, revenue for Qorvo’s fiscal 2023 fourth quarter was $633 million, gross margin was 18.1%, operating loss was $189 million and loss per share was $1.39. On a non-GAAP basis, gross margin was 41.3%, operating income was $34 million and diluted earnings per share was $0.26.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo is operating well and investing in technology and product leadership to broaden our market exposure and drive growth. We are seeing increased strength in customer design activity across our businesses, and we expect improved financial performance supported by content gains in large customer programs.”
Strategic Highlights
- Selected by aerospace industry leader to supply cell-to-satellite solutions incorporating aerospace, base station and mobile technologies to enable LEO-based space-to-terrestrial connectivity
- Achieved key milestone delivering first Multi-Chip Module (MCM-1) for SHIP RF prototype devices in collaboration with BAE Systems and the U.S. Department of Defense
- Booked multi-million-dollar SiC inverter order for residential and industrial solar applications
- Selected to supply UWB solutions into multiple verticals, including next-generation smartwatch supporting secure car access, Wi-Fi access points enabling indoor navigation and 2024 flagship Android smartphone
- Collaborated with automotive OEMs and leading third parties to advance smart antennas and next-generation shark fin architectures and expanded 5G network access device design engagements with automotive tier-ones
- Secured force-sensing touch sensor design win leveraging ultra-sensitivity to enable new industrial design in premium true wireless headset for leading European OEM
- Secured first Wi-Fi 7 BAW filter design wins and expanded sampling of Wi-Fi solutions enabling full coverage across 2.4 GHz, 5 GHz and 6 GHz bands for smartphones and access points
- Supported ramp of Korea-based smartphone OEM’s flagship smartphone with broad-based content including LB, MHB, UHB, secondary transmit, tuning and Wi-Fi
- Awarded broad-based design wins in support of upcoming flagship, mid-tier and mass-market 5G devices at the top five Android smartphone OEMs
- Shipped first samples of new RFFE architecture integrating the MHB PAD and DRx, utilizing next-generation BAW and SAW technologies, for a 2024 Android smartphone
Financial Commentary and Outlook
Grant Brown, chief financial officer of Qorvo, said, “Qorvo outperformed the midpoint of our revenue guidance in the March quarter while reducing channel inventory of our components in the Android ecosystem by approximately 25%. We anticipate continued progress in reducing Android channel inventory in the coming quarters, with a return to historical norms by calendar year-end. Despite ongoing weakness in end markets, our strong design win activity on large customer programs supports our view for sequential revenue growth in June and robust sequential revenue growth in September.”
Qorvo’s current outlook for the June 2023 quarter is:
- Quarterly revenue of $620 million to $660 million
- Non-GAAP gross margin of approximately 41.5%
- Non-GAAP diluted earnings per share of approximately $0.15
Qorvo conducted a conference call at 5:00 p.m. ET on May 3rd to discuss this press release. The conference call was broadcast live over the Internet and could be accessed by any interested party. A telephone playback of the conference call has been made available approximately two hours after the call’s completion and can be accessed by dialing 412-317-6671 and using the passcode 13737714. The playback will be available through the close of business on May 10, 2023.
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