Press release
Qorvo® Announces Fiscal 2023 First Quarter Financial Results
GREENSBORO, N.C., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced
About this update from Qorvo, Inc.
[{"type":"text","content":"GREENSBORO, N.C., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2023 first quarter ended July 2, 2022. On a GAAP basis, revenue for Qorvo’s fiscal 2023 first quarter was $1.035 billion, gross margin was 36.2%, operating income was $102 million and diluted earnings per share was $0.65. On a non-GAAP basis, gross margin was 50.0%, operating income was $284 million and diluted earnings per share was $2.25. Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo is executing well and delivering solid results despite macroeconomic headwinds. We are investing in product and technology leadership across our businesses and expanding our reach in higher growth end markets, such as IoT connectivity, power management, power conversion and defense. The global macrotrends supporting our markets, including connectivity, digitization and electrification, increasingly rely on Qorvo’s technologies to address critical efficiency, throughput and form factor requirements.” Strategic Highlights Completed MFi certification of interoperability for Qorvo’s ultra-wideband solutions with the Apple U1 chip used in supported iPhone and Apple Watch models, enabling developers to create innovative new products and accessories that interact seamlessly with their environmentCommenced shipments of MEMS-based force sensors enhancing industrial design and improving trackpad uniformity and reliability in a recently launched consumer laptopLaunched development kit for Matter-enabled gateways and connected devices, streamlining commercial development of smart home applications, such as home hubs, mesh lighting, security, speakers and other connectivity and sensing applicationsSecured automotive Wi-Fi 6 design wins for infotainment system at General Motors and validated automotive Wi-Fi 6 placements on reference design for top automotive Wi-Fi chipset supplierObtained FDA Emergency Use Authorization of Qorvo Omnia™ diagnostic test platform using BAW technology for COVID antigen detection in point of care settingsAwarded first power management design wins to supply enterprise-class PMICs for data center applicationsRecognized with Innovation Award from American Axle & Manufacturing (AAM) for superior efficiency using...