GREENSBORO, N.C., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Qorvo^® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2024 first quarter ended July 1, 2023.

On a GAAP basis, revenue for Qorvo’s fiscal 2024 first quarter was $651 million, gross margin was 35.2%, operating loss was $48 million and loss per share was $0.44. On a non-GAAP basis, gross margin was 42.9%, operating income was $47 million and diluted earnings per share was $0.34.

Bob Bruggeworth, president and chief executive officer of Qorvo, said, “The Qorvo team continues to operate well to position Qorvo for long-term growth. We are introducing new products and technologies to increase our content in customer designs and broaden our exposure in new and existing markets. In the September quarter, we expect improved financial performance supported by content gains at our largest customer.”

Strategic Highlights

• Booked multi-million-dollar order for SiC power devices supporting AI servers and other data center applications
• Extended leadership in DOCSIS 4.0 with sampling of 1.8 GHz hybrid power doubler delivering more RF power with lower power consumption than competing solid-state solutions
• Released highly integrated 3.4-3.8 GHz 8W PAM simplifying 5G massive MIMO system design
• Sampled industry’s first C-band discrete BAW band pass filter for 5G small cell radios
• Began sampling defense and aerospace industry-first 2-18 GHz integrated Tx/Rx FEM delivering 10W of Tx power
• Secured automotive radar design win to supply a receive amplifier for a major US-based automotive OEM
• Selected by an automotive tier-one to supply UWB connectivity for a US-based EV manufacturer
• Awarded multi-million-dollar automotive force-sensing touch sensor design wins enabling force level detection in display, center console, door panel and steering wheel applications
• Selected by leading automotive antenna supplier to provide cellular V2X front end modules and BAW coexistence filters for use by a major Europe-based automotive OEM
• Awarded multiple Wi-Fi 7 BAW filter design wins enabling full coverage of 2.4 GHz, 5 GHz and 6 GHz bands for access points and commenced sampling tier-one customers next-generation Wi-Fi 7 FEM portfolio
• Achieved Matter® 1.1 certification, expanding market opportunity in support of top smart home ecosystem customers with an installed base of 150M+ home networks
• Sampled main path LMH PAD integrating low-, mid- and high-band content while reducing surface area by 40% to simplify and accelerate 5G adoption
• Commenced customer sampling of next-generation antenna tuners, delivering smartphone OEMs best-in-class linearity, industry-smallest solution size and compatibility across all major chipsets
  

Financial Commentary and Outlook

Grant Brown, chief financial officer of Qorvo, said, “Qorvo exceeded the mid-point of our June quarterly guidance for revenue, gross margin and EPS while also continuing to reduce channel inventory. The team is executing very well, working closely with our suppliers and customers while navigating a challenging macro environment. Looking forward, we expect September quarterly revenue to increase sequentially by over 50%, driven primarily by content gains at our largest customer, and we expect year-over-year revenue growth in fiscal 2024.”

Qorvo’s current outlook for the September 2023 quarter is:

• Quarterly revenue of approximately $1 billion, plus or minus $15 million
• Non-GAAP gross margin between 45% and 46%
• Non-GAAP diluted earnings per share of approximately $1.75 at the midpoint of revenue
  

See “Forward-looking non-GAAP financial measures” below. Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.

Selected Financial Information

The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.