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News Article

Qorvo reports 22.1 percent year-over-year growth

Board of directors authorises $500 million share repurchase program

US RF company Qorvo has announced financial results for Q2 2017, ended October 1, 2016. On a GAAP basis, Q2 2017 revenue increased 22.1 percent year-over-year and 23.8 percent sequentially to $864.7 million. Gross margin was 36.6 percent, operating income was $45.4 million, and net income was $11.8 million, or diluted EPS of $0.09.

On a non-GAAP basis, gross margin was 42.8 percent, operating expenses were $172.9 million, operating income was $196.8 million, or 22.8 percent of sales, and net income was $170.4 million, or diluted EPS of $1.29. 

Gross margin decreased sequentially on both a GAAP and non-GAAP basis, due primarily to lower than expected manufacturing yields during a steep product ramp to a large customer.

Bob Bruggeworth, president and chief executive officer of Qorvo, said: "The Qorvo team did an excellent job delivering 22 percent year-over-year growth and achieving our goal of non-GAAP operating expenses at 20 percent of sales. At the same time, we made progress advancing core technologies and developing highly integrated Qorvo solutions for large customer opportunities in 2017 and 2018.

"It's clear we have work to do on gross margin, and we've taken steps to address it. We continue to drive toward our operating model, including above-market revenue growth and non-GAAP operating income above 30 percent.

"Separately, we are pleased to announce that Qorvo's board of directors this week has authorized a $500 million share repurchase program."

Financial Outlook

Qorvo currently believes the demand environment in its end markets supports the following non-GAAP expectations for the December 2016 quarter: quarterly revenue in the range of $800 million to $840 million; sequential gross margin expansion of 100 to 200 bps; tax rate of approximately 8 percent; and diluted EPS in the range of $1.15 to $1.35.

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