News Article

Qorvo Reports 4 Percent Year-on-year Revenue Growth

'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

AngelTech Live III: Join us on 12 April 2021!

AngelTech Live III will be broadcast on 12 April 2021, 10am BST, rebroadcast on 14 April (10am CTT) and 16 April (10am PST) and will feature online versions of the market-leading physical events: CS International and PIC International PLUS a brand new Silicon Semiconductor International Track!

Thanks to the great diversity of the semiconductor industry, we are always chasing new markets and developing a range of exciting technologies.

2021 is no different. Over the last few months interest in deep-UV LEDs has rocketed, due to its capability to disinfect and sanitise areas and combat Covid-19. We shall consider a roadmap for this device, along with technologies for boosting its output.

We shall also look at microLEDs, a display with many wonderful attributes, identifying processes for handling the mass transfer of tiny emitters that hold the key to commercialisation of this technology.

We shall also discuss electrification of transportation, underpinned by wide bandgap power electronics and supported by blue lasers that are ideal for processing copper.

Additional areas we will cover include the development of GaN ICs, to improve the reach of power electronics; the great strides that have been made with gallium oxide; and a look at new materials, such as cubic GaN and AlScN.

Having attracted 1500 delegates over the last 2 online summits, the 3rd event promises to be even bigger and better – with 3 interactive sessions over 1 day and will once again prove to be a key event across the semiconductor and photonic integrated circuits calendar.

So make sure you sign up today and discover the latest cutting edge developments across the compound semiconductor and integrated photonics value chain.



Search the news archive

To close this popup you can press escape or click the close icon.
Register - Step 1

You may choose to subscribe to the Compound Semiconductor Magazine, the Compound Semiconductor Newsletter, or both. You may also request additional information if required, before submitting your application.

Please subscribe me to:


You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
Live Event