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Qorvo Reports 4 Percent Year-on-year Revenue Growth

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'We are building a technology moat to maintain leadership"¦'

US RF company Qorvo has announced financial results for Q1 2017 (ended July 2, 2016), reporting that on a GAAP basis, June quarterly revenue increased 4 percent year-over-year and 15 percent sequentially to $698.5 million.

Gross margin was 39.6 percent, operating expenses were $270.7 million, operating income was $5.7 million, and net loss was $5.7 million, or a loss of $0.04 per share based on 127.5 million weighted average shares outstanding. Gross margin decreased sequentially on both a GAAP and non-GAAP basis, primarily due to a mix shift to lower margin products.

Operating expenses increased sequentially on both a GAAP and non-GAAP basis, primarily due to higher R&D expenses, increased variable compensation expense, and the addition of GreenPeak Technologies. The higher R&D expense reflects increased investment in high-performance filter designers, SAW and BAW process engineers, and associated material costs for prototypes.

On a non-GAAP basis, gross margin was 48.2 percent, operating expenses were $168.6 million, operating income was $167.6 million, or 24.0 percent of sales, and net income was $143.1 million, or $1.08 per diluted share based on 132.6 million weighted average shares outstanding.

Bob Bruggeworth, president and CEO of Qorvo, said: "Qorvo today is the number-one or number-two player in the majority of our growth markets, and we are investing to extend our leadership. We are building a technology moat to maintain leadership where we are number one, and where we are number two, we are investing to advance from a challenger to the leader.

"In the June quarter, Qorvo saw customer order activity accelerate as the quarter progressed, and the entire Qorvo Team ran hard to satisfy demand. In the September quarter, we continue to see strong demand in support of this year's most popular devices, and we're rapidly expanding our capabilities to develop new highly integrated solutions for large customer opportunities launching in 2017 and 2018."

Financial Outlook

Qorvo currently believes the demand environment in its end markets supports the following non-GAAP expectations for the September 2016 quarter: quarterly revenue in the range of $820 million to $850 million; gross margin of approximately 47 percent; a tax rate of approximately 10 percent; and diluted EPS of approximately $1.35 to $1.45



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