6 percent revenue Growth for Qorvo in Q1 2016
Qorvo has announced financial results for its fiscal 2016 first quarter, ended June 27, 2015. Strategic highlights include increased GaN revenue of 30 percent year-over-year, led by strength in CATV and defence and aerospace.
GAAP quarterly revenue grew 6 percent sequentially to $673.6 million. Gross margin was 41.5 percent, operating loss was ($1.3) million. Net income was $2.0 million, or $0.01 per diluted share based on 154.5 million shares outstanding.
Non-GAAP gross margin expanded to 51.5 percent, reflecting favourable product mix and synergies according to the company. Sequentially, non-GAAP operating income increased by 11 percent sequentially to $187.8 million (27.9 percent of revenue). Non-GAAP EPS was $1.09
Bob Bruggeworth, president and CEO of Qorvo, said: "Revenue in the June quarter increased 6 percent sequentially and 23 percent year-over-year, when compared to the combined revenue of RFMD and TriQuint in the June 2014 quarter. Quarterly revenue was led by strong performance in mobile products, which posted robust 12 percent growth versus the prior quarter and offset the sharp sequential decline in wireless infrastructure. Quarterly gross margin expanded by 110 basis points to 51.5 percent, reflecting favourable product mix and the realisation of cost synergies.
He continued: "We are launching an increasing number of differentiated RF solutions that leverage our unique combination of core competencies. These new Qorvo solutions, which include receive diversity modules, Wi-Fi integrated front end modules, and SOI infrastructure switches, are expected to contribute meaningfully to revenue next calendar year. The Qorvo team is making outstanding progress, and we're on track to achieve our financial model."
For the 2nd quarter ending October 3rd: Qorvo expects non-GAAP quarterly revenue of approximately $690 to $710 million, up 4 percent sequentially at the midpoint with a gross margin of approximately 50 percent to 51 percent.
