Qorvo Announces $200 Million Share Repurchase Program
Qorvo, a provider of core technologies and RF solutions for mobile, infrastructure and aerospace/defence applications, has announced that its Board of Directors has authorized the repurchase of up to $200 million of the Company's outstanding common stock. The primary objective of the share repurchase program is to reduce dilution from issuances relating to employee equity awards and the Company's employee stock purchase program.
Share repurchases will be made in accordance with applicable securities laws in either the open market or in privately negotiated transactions. The extent to which Qorvo repurchases its shares, and the timing of such repurchases, will be dependent on market conditions and other corporate considerations. The program may be discontinued at any time.
Qorvo was formed following the merger of RFMD and TriQuint.
TriQuint and RFMD posted a combined $742.0 million in sales in the quarter ended December 31, their last as separate companies. That's up 33 percent from the results TriQuint and RFMD posted a year earlier.
