Press release
Qorvo® Announces Fiscal 2020 Fourth Quarter Financial Results
GREENSBORO, N.C., May 07, 2020 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, today announced
About this update from Qorvo, Inc.
[{"type":"text","content":"GREENSBORO, N.C., May 07, 2020 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, today announced financial results for the Company’s fiscal 2020 fourth quarter, ended March 28, 2020. On a GAAP basis, revenue for Qorvo’s fiscal 2020 fourth quarter was $788 million, gross margin was 42.6%, operating income was $102 million and diluted earnings per share was $0.43. On a non-GAAP basis, gross margin was 49.6%, operating income was $210 million and diluted earnings per share was $1.57.\n Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo delivered a strong quarter under challenging circumstances, and I couldn’t be more proud of how our team is responding. We are operating well, focused on keeping our employees, partners and communities healthy, while supporting customers and advancing technology. Our technologies and operations are more important than ever as we support global deployments in 5G handsets and infrastructure, defense, Wi-Fi 6 and IoT.” Strategic Highlights Enabled sub-6 GHz 5G network deployments with the ramp of GaN power amplifiers and small signal solutionsAccelerated Wi-Fi 6 shipments and secured cable amplifier design wins to support increased data to the homeEnjoyed growth in data centers, computing and gaming consoles with differentiated programmable power management solutionsSampled broadband 100-watt (27-31 GHz) and 130-watt (32-38 GHz) millimeter wave power amplifiers, expanding portfolio of GaN-based solid state amplifiers for defense applicationsSupported the Samsung® Galaxy S20 platform with a broad set of high performance and highly integrated advanced 4G and 5G componentsSupplied a leading smartphone manufacturer with complete main path (LB, MHB and UHB integrated solutions) as well as Wi-Fi FEM, switches and tuners for flagship 5G smartphoneExpanded position in UHB solutions at leading Android smartphone manufacturers and across all 5G chipset solutionsCompleted the acquisition of Custom MMIC, expanding leadership in GaAs and GaN RF solutions for defense and aerospace applicationsCompleted the acquisition of Decawave, positioning Qorvo as a leading provider of ultra-wide-band (UWB) system solutions for proximity awareness, secure payments and secure access in smartphones, automotive and IoTIntroduced high sensitivity...