Press release
Qorvo® Announces Fiscal 2021 Second Quarter Financial Results
GREENSBORO, N.C., Nov. 04, 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., Nov. 04, 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 2021 second quarter, ended October 3, 2020.\n On a GAAP basis, revenue for Qorvo’s fiscal 2021 second quarter was $1.06 billion, gross margin was 46.4%, operating income was $222 million and diluted earnings per share was $1.18. On a non-GAAP basis, gross margin was 51.7%, operating income was $329 million and diluted earnings per share was $2.43. Fiscal year 2021 is a 53-week fiscal year, and the September quarter was a 14-week fiscal quarter. Bob Bruggeworth, president and chief executive officer of Qorvo, said, “In the second quarter, Qorvo outperformed our updated guidance on revenue, gross margin and EPS. Strength was diversified across customers and supported by multiyear technology upgrade cycles, including 5G and Wi-Fi 6. Customers are requiring more and better RF in highly integrated form factors to enable their next-generation products.” Strategic Highlights Expanded shipments of integrated main path solutions, including low-band, mid-/high- and ultra-high-band modules, across multiple tier-one smartphone OEMsIncreased volume shipments of BAW-based antennaplexer solutions to multiple tier-one smartphone OEMsAcquired ultra-wideband (UWB) software and system solution pioneer 7Hugs Labs S.A.S. to enhance Qorvo’s capabilities in UWB system solutions and accelerate adoption across mobile, IoT and automotive ecosystemsSigned partnership agreement with leading design services company Sigma Connectivity to develop advanced UWB solutions and assist customers in the creation of breakthrough applicationsEnjoyed broad-based content gains in Wi-Fi 6 in support of leading suppliers of smartphones, tablets, mesh networks, gateways, smart speakers and virtual reality headsetsAwarded multiple design wins in support of 5G massive MIMO base stations and commenced shipments of GaN amplifiers for massive MIMO C-band base station deploymentsLaunched high-performance BAW filters for 5G small cells and repeaters to enable 5G band 41 and Wi-Fi coexistenceAchieved strong growth in power management products driven by solid state storage in client/enterprise computing and brushless motor control applicationsAwarded multi-year U.S. government State...