GREENSBORO, N.C., Nov. 01, 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 second quarter ended September 30, 2023.
Quarterly Highlights
- Grew quarterly revenue 70% sequentially and exceeded the mid-point of revenue guidance by $103 million
- Achieved sequential growth in ACG, CSG and HPA operating segments
- Secured broad-based design wins in all end markets, including major UWB wins in a flagship Android smartphone and an in-vehicle car access platform by a leading German automotive tier one
- Significantly reduced Qorvo inventory while improving Android channel inventory
On a GAAP basis, revenue for Qorvo’s fiscal 2024 second quarter was $1.103 billion, gross margin was 44.4%, operating income was $151 million and diluted earnings per share was $0.99. On a non-GAAP basis, gross margin was 47.6%, operating income was $279 million and diluted earnings per share was $2.39.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo delivered significantly improved financial performance in the September quarter supported by content gains at our largest customer. Each of our operating segments is enjoying multiyear technology upgrade cycles that improve performance and enhance functionality, and Qorvo is critical to enabling these capabilities. The Qorvo team continues to operate very well to secure new customer designs and broaden our opportunities in growth markets.”
Financial Commentary and Outlook
Grant Brown, chief financial officer of Qorvo, said, “Qorvo exceeded the high end of our September quarterly guidance for revenue, gross margin and EPS, reflecting content gains at our largest customer and sequential growth in all three operating segments. Looking forward, our December quarterly guidance reflects seasonal patterns, robust content on customer programs and improved channel inventories. We continue to expect year-over-year revenue growth in fiscal 2024.”
Qorvo’s current outlook for the December 2023 quarter is:
- Quarterly revenue of approximately $1 billion, plus or minus $25 million
- Non-GAAP gross margin between 43% and 44%
- Non-GAAP diluted earnings per share of approximately $1.65 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.
| SELECTED GAAP RESULTS | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In millions, except for percentages and EPS) | |||||||||||||||||
| Q2 Fiscal 2024 | Q1 Fiscal 2024 | Q2 Fiscal 2023 | Sequential Change | Year-over-Year Change | |||||||||||||
| Revenue | $ | 1,103.5 | $ | 651.2 | $ | 1,158.1 | $ | 452.3 | $ | (54.6 | ) | ||||||
| Gross profit | $ | 489.7 | $ | 229.1 | $ | 538.9 | $ | 260.6 | $ | (49.2 | ) | ||||||
| Gross margin | 44.4 | % | 35.2 | % | 46.5 | % | 9.2 | ppt | (2.1 | ) | ppt | ||||||
| Operating expenses | $ | 338.3 | $ | 277.2 | $ | 277.4 | $ | 61.1 | $ | 60.9 | |||||||
| Operating income (loss) | $ | 151.4 | $ | (48.1 | ) | $ | 261.6 | $ | 199.5 | $ | (110.2 | ) | |||||
| Net income (loss) | $ | 97.5 | $ | (43.6 | ) | $ | 188.6 | $ | 141.1 | $ | (91.1 | ) | |||||
| Weighted-average diluted shares | 98.6 | 98.5 | 103.7 | 0.1 | (5.1 | ) | |||||||||||
| Diluted EPS | $ | 0.99 | $ | (0.44 | ) | $ | 1.82 | $ | 1.43 | $ | (0.83 | ) | |||||
