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News Article

A strong quarter for Qorvo

Qorvo increases mobile products revenue by 37 percent sequentially to $667 million

RF company Qorvo has announced financial results for the company's Q2 2019, ended September 29, 2018. On a GAAP basis, revenue for Qorvo's Q2 2019 was $884 million, gross margin was 40 percent, operating income was $90 million and diluted earnings per share was $0.25. On a non-GAAP basis, revenue for Qorvo's Q2 2019 was $884 million, gross margin was 47.7 percent, operating income was $253 million and diluted earnings per share was $1.75.

Bob Bruggeworth, president and CEO of Qorvo, said: "I'm proud of the Qorvo team for delivering a strong September quarter, with both revenue and EPS well above guidance. Our products and technologies make Qorvo uniquely positioned to partner with our customers to develop their most compelling products."

Quarterly Highlights

During this quarter, Qorvo has Increased mobile products revenue 37 percent sequentially to $667 million, in support of flagship smartphone product ramps. It has been selected by Samsung to supply 3.5 GHz 5G FEM and also sampled an industry-first dual-band 3.5 GHz and 4.9 GHz 5G FEM to a leading China-based smartphone manufacturer.

It has delivered IDP revenue of $218 million, up 15 percent year-over-year, led by strength in base stations. It has increased GaN-based revenue 27 percent year-over-year, driven by broad market demand, including 5G infrastructure

Other highlights include supplying 5.9 GHz FEM, optimised for Qualcomm's 9150 cellular vehicle-to-everything (C-V2X) chipset, supporting multiple automotive OEMs in worldwide field trials; and being selected by teh automotive supplier Continental to deliver multiple solutions enabling always-on automotive connectivity to worldwide cellular networks

Financial Commentary and Outlook

Mark Murphy, chief financial officer of Qorvo, said: "Qorvo's record revenue and EPS in the September quarter reflect the progress we're making on shaping the portfolio and improving operationally. Our outlook calls for a strong December quarter with higher volumes and ongoing cost control, and it factors in a more measured view on demand from China-based handset manufacturers."

Qorvo currently believes the demand environment in its end markets supports the following non-GAAP expectations for the December 2018 quarter: quarterly revenue in the range of $880 million to $900 million, gross margin of approximately 50 percent, diluted earnings per share of $1.95 at the midpoint of guidance.

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