Press release
Qorvo® Announces Fiscal 2023 Fourth Quarter Financial Results
GREENSBORO, N.C., May 03, 2023 (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., May 03, 2023 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2023 fourth quarter ended April 1, 2023. On a GAAP basis, revenue for Qorvo’s fiscal 2023 fourth quarter was $633 million, gross margin was 18.1%, operating loss was $189 million and loss per share was $1.39. On a non-GAAP basis, gross margin was 41.3%, operating income was $34 million and diluted earnings per share was $0.26. Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo is operating well and investing in technology and product leadership to broaden our market exposure and drive growth. We are seeing increasing strength in customer design activity across our businesses, and we expect improved financial performance supported by content gains in large customer programs.” Strategic Highlights Selected by aerospace industry leader to supply cell-to-satellite solutions incorporating aerospace, base station and mobile technologies to enable LEO-based space-to-terrestrial connectivityAchieved key milestone delivering first Multi-Chip Module (MCM-1) for SHIP RF prototype devices in collaboration with BAE Systems and the U.S. Department of DefenseBooked multi-million-dollar SiC inverter order for residential and industrial solar applicationsSelected to supply UWB solutions into multiple verticals, including next-generation smartwatch supporting secure car access, Wi-Fi access points enabling indoor navigation and 2024 flagship Android smartphoneCollaborated with automotive OEMs and leading third parties to advance smart antennas and next-generation shark fin architectures and expanded 5G network access device design engagements with automotive tier-onesSecured force-sensing touch sensor design win leveraging ultra-sensitivity to enable new industrial design in premium true wireless headset for leading European OEMSecured first Wi-Fi 7 BAW filter design wins and expanded sampling of Wi-Fi solutions enabling full coverage across 2.4 GHz, 5 GHz and 6 GHz bands for smartphones and access pointsSupported ramp of Korea-based smartphone OEM’s flagship smartphone with broad-based content including LB, MHB, UHB, secondary transmit, tuning and Wi-FiAwarded broad-based design wins in support of upcoming flagship, mid-tier an...