Press release
Qorvo® Announces Fiscal 2020 Third Quarter Financial Results
GREENSBORO, N.C., Jan. 29, 2020 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, today
About this update from Qorvo, Inc.
[{"type":"text","content":"GREENSBORO, N.C., Jan. 29, 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 third quarter, ended December 28, 2019. On a GAAP basis, revenue for Qorvo’s fiscal 2020 third quarter was $869 million, gross margin was 42.4%, operating income was $153 million and diluted earnings per share was $1.36. On a non-GAAP basis, gross margin was 49.3%, operating income was $252 million and diluted earnings per share was $1.86.\n Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo delivered an exceptional December quarter. In Mobile Products, 5G design wins are accelerating, and in IDP we are enjoying robust design win momentum. We’re also looking forward to welcoming two industry-leading teams, Decawave and Custom MMIC, to the Qorvo family, expanding our technology portfolio and product offerings.” Strategic Highlights Awarded broad-based design wins to supply highly integrated 4G/5G low-, mid-/high-, and ultra-high band solutions for second-generation 5G smartphonesChosen to supply ultra-high band FEMs on multiple 5G cellular chipsets, leveraging performance advantages at higher frequencies and enabling next wave of 5G smartphonesSecured new 4G and 5G design wins and extended leadership in BAW-based multiplexers, including hexaplexers and recently launched micro BAW-based quadplexer Expanded GaN customer engagements with ramp of high-power amplifiers at a third major OEM to support 5G massive MIMO deploymentsLaunched high power GaAs FEM addressing enhanced performance requirements of second-generation 5G millimeter wave base stationsCommenced volume shipments of BAW filters to a top-tier infrastructure OEM supporting China Mobile’s 5G small cell deploymentIntroduced industry’s first solution combining a Zigbee, Thread and Bluetooth Low Energy SoC with a Wi-Fi 6 FEM to enable next-generation distributed Wi-Fi networksSecured new design wins and increased shipments of Wi-Fi 6 FEMs across CPE, retail and mobileSampled complete V2X front end solution, including 5.9 GHz Wi-Fi coexistence BAW filter, to multiple automotive OEMs and tier-one suppliersShipped power management ICs into datacenter solid state drives for two of the top three storage providersSigned, following the quarter, definit...