Press release
Qorvo® Announces Fiscal 2024 First Quarter Financial Results
GREENSBORO, N.C., Aug. 02, 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., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2024 first quarter ended July 1, 2023. On a GAAP basis, revenue for Qorvo’s fiscal 2024 first quarter was $651 million, gross margin was 35.2%, operating loss was $48 million and loss per share was $0.44. On a non-GAAP basis, gross margin was 42.9%, operating income was $47 million and diluted earnings per share was $0.34. Bob Bruggeworth, president and chief executive officer of Qorvo, said, “The Qorvo team continues to operate well to position Qorvo for long-term growth. We are introducing new products and technologies to increase our content in customer designs and broaden our exposure in new and existing markets. In the September quarter, we expect improved financial performance supported by content gains at our largest customer.” Strategic Highlights Booked multi-million-dollar order for SiC power devices supporting AI servers and other data center applicationsExtended leadership in DOCSIS 4.0 with sampling of 1.8 GHz hybrid power doubler delivering more RF power with lower power consumption than competing solid-state solutionsReleased highly integrated 3.4-3.8 GHz 8W PAM simplifying 5G massive MIMO system designSampled industry’s first C-band discrete BAW band pass filter for 5G small cell radiosBegan sampling defense and aerospace industry-first 2-18 GHz integrated Tx/Rx FEM delivering 10W of Tx powerSecured automotive radar design win to supply a receive amplifier for a major US-based automotive OEMSelected by an automotive tier-one to supply UWB connectivity for a US-based EV manufacturerAwarded multi-million-dollar automotive force-sensing touch sensor design wins enabling force level detection in display, center console, door panel and steering wheel applicationsSelected by leading automotive antenna supplier to provide cellular V2X front end modules and BAW coexistence filters for use by a major Europe-based automotive OEMAwarded multiple Wi-Fi 7 BAW filter design wins enabling full coverage of 2.4 GHz, 5 GHz and 6 GHz bands for access points and commenced sampling tier-one customers next-generation Wi-Fi 7 FEM portfolioAchieved Matter® 1.1 certification, expanding market opportunity in support of top smart home ecosystem cu...