Press release
Qorvo® Announces Fiscal 2023 Third Quarter Financial Results
GREENSBORO, N.C., Feb. 01, 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., Feb. 01, 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 third quarter ended December 31, 2022. On a GAAP basis, revenue for Qorvo’s fiscal 2023 third quarter was $743 million, gross margin was 36.1%, operating income was $9 million and loss per share was $0.16. On a non-GAAP basis, gross margin was 40.9%, operating income was $99 million and diluted earnings per share was $0.75. Bob Bruggeworth, president and chief executive officer of Qorvo, said, “The Qorvo team is operating well in navigating a challenging environment and taking actions to position the Company for growth and improved performance. We are introducing best-in-class products and technologies, and our customers are recognizing us with design wins, quality awards, and new and expanded programs. In the December quarter, channel inventories declined, and we expect them to continue to decline this quarter. In 2023 and beyond, the secular trends in our businesses remain strong. Customers increasingly require higher levels of performance, integration and functional density to deliver successive improvements in next-generation products.” Strategic Highlights Began sampling integrated solution combining high voltage power conversion PMIC with SiC power switches to control GaN RF high power amplifier, reducing total solution size by up to 30% and expanding content opportunity in D&A radar power systemsExpanded SHIP (state-of-the-art heterogenous integrated packaging) government contract to develop multichip modules combining digital optical devices with Qorvo mixed signal RFDelivered multi-chip solution, including high-frequency BAW and GaN PA, for LEO satellites and other aerospace applications and secured new design wins supporting cellular-to-satellite linksCommenced pre-production shipments of first integrated PA modules (PAMs) to tier-one European infrastructure OEM for 5G massive-MIMO base stationsBegan sampling next-generation infrastructure PAM, offering market-leading efficiency for 5G massive-MIMO installations, to the leading European infrastructure OEMsSampled CATV power doubler amplifier maintaining linearity and extending bandwidth to enable higher-throughput DOCSIS 4.0 capabilities with industry-leading power effici...