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Qorvo, Inc. (Nasdaq: QRVO) is a leading provider of innovative radio frequency (RF) solutions. The company is committed to creating a better world through advanced connectivity. Established from the merger of RF Micro Devices and TriQuint Semiconductor in January 2015, Qorvo specializes in RF filters, power amplifiers, and front-end modules that are essential components in high-end wireless devices, including some of the world's most advanced smartphones.
Qorvo's product range extends beyond smartphones to include applications in wireless base stations, cable TV, networking equipment, and critical infrastructure for military and defense purposes. The company leverages its competitive strengths to advance emerging technologies such as 5G networks, cloud computing, and the Internet of Things (IoT), playing a crucial role in the global framework that interconnects people, places, and things.
Qorvo's strategic market segments include consumer electronics, smart home/IoT, automotive sectors like electric vehicles (EVs) and battery-powered appliances, as well as network infrastructure and aerospace/defense. The company’s robust product portfolio aims to meet the growing demands for efficiency, latency, and throughput across these diverse markets.
Recently, Qorvo has been active in expanding its operational capabilities. In fiscal 2024, Qorvo achieved significant content gains with key mobile customers and strong revenue growth in its defense and aerospace business. The company also acquired Anokiwave, aiming to accelerate the adoption of their innovative technologies and integrate them with Qorvo's own RF and power management solutions.
Financially, Qorvo reported a GAAP revenue of $1.074 billion for the fiscal 2024 third quarter, demonstrating strong execution and alignment with market demand. Additionally, the company has taken steps to optimize its capital expenditure and improve its gross margin profile, including the sale of its Beijing and Dezhou assembly and test facilities to Luxshare Precision Industry Co., Ltd., under a long-term supply agreement.
Qorvo continues to innovate and adapt in a competitive industry, focusing on long-term growth strategies and content gains at major customers to improve financial performance. The company's management emphasizes the importance of non-GAAP financial measures to better represent the ongoing operational performance, excluding certain costs and adjusting for non-cash expenses.
With a commitment to product and technology leadership, global manufacturing scale, and systems-level expertise, Qorvo is well-positioned to solve complex technical challenges for its customers, ensuring their success and supporting global connectivity.
Qorvo (Nasdaq: QRVO) has acquired NextInput, a force-sensing solutions provider based in California. This acquisition, announced on May 6, 2021, enhances Qorvo's technology portfolio and accelerates its entry into the HMI market with MEMS-based sensors. NextInput has already shipped millions of sensors across various industries, including smartphones and automotive. The deal aims to strengthen Qorvo's Mobile Products sector, providing innovative sensing solutions and opening new market opportunities.
Qorvo (Nasdaq: QRVO) reported its fiscal 2021 Q4 results, revealing $1.073 billion in revenue and a gross margin of 49.3%. Non-GAAP metrics showed a gross margin of 52.6% and diluted EPS of $2.74. The company experienced strong demand in 5G handsets and Wi-Fi 6, prompting positive projections for the upcoming fiscal year with expected revenue of $1.065 billion to $1.095 billion. Qorvo also announced the acquisition of NextInput to enhance its MEMS-based solutions portfolio and received FDA EUA for its Omnia™ COVID-19 test.
Qorvo (Nasdaq: QRVO) will host a conference call on May 5, 2021, at 5:00 p.m. ET, to discuss its fiscal 2021 fourth quarter financial results. The webcast will be available on their website. Results will be released at 4:00 p.m. ET the same day. A telephone playback will be accessible after the call at 719-457-0820 with passcode 6818780 until May 12, 2021. Qorvo is known for its innovative RF solutions in various sectors, including 5G networks and cloud computing.
Qorvo (Nasdaq: QRVO) has been awarded a $24.4 million contract from the National Institutes of Health (NIH) to accelerate the production and market launch of its Qorvo Omnia™ diagnostic test platform. This platform leverages innovative radio frequency technology to achieve rapid COVID-19 antigen testing with near-PCR-level accuracy. Recently, the test received emergency use authorization (EUA) from the U.S. FDA. The NIH's Rapid Acceleration of Diagnostics (RADx) initiative supports the advancement of this testing technology in the ongoing public health response.
Qorvo (Nasdaq: QRVO) announced that the FDA granted emergency use authorization (EUA) for its Omnia™ SARS-CoV-2 Antigen Test, designed for the qualitative detection of COVID-19 antigens. This platform utilizes advanced Bulk Acoustic Wave (BAW) sensor technology, achieving results in approximately 20 minutes with 100% specificity in clinical trials. The test aims to support rapid and reliable diagnostic testing amidst the ongoing pandemic. The EUA is valid under specific conditions and does not imply FDA approval.
Qorvo (Nasdaq: QRVO) announced increased shipments of its RF Fusion20™ portfolio, enhancing 5G smartphone performance and integration. These advanced RF front-end modules support major 5G bands and chipsets, featuring innovations that improve performance while saving board space. The modules promise faster 5G handset development and cover stringent bandwidth requirements of up to 200 MHz. Building on the success of the RF Fusion™ portfolio, Qorvo aims to meet growing demands from flagship and mass-tier smartphone manufacturers.
Qorvo (Nasdaq: QRVO) has launched the QPG6100 smart home communications controller featuring ConcurrentConnect™ technology, enabling simultaneous connectivity for various low-power wireless protocols. This innovation aims to enhance communication speed and network capacity in smart homes, facilitating the integration of devices like lighting and sensors. According to IDC, global sales of smart home devices are projected to reach 1.4 billion units by 2024, with a CAGR of 14%. The QPG6100 is available for sampling today.
Qorvo (Nasdaq: QRVO) will present at the Morgan Stanley Technology, Media and Telecom Conference on March 4, 2021, at 4:15 p.m. ET. A live webcast of the event will be available on their website. Qorvo specializes in innovative RF solutions, serving high-growth markets such as advanced wireless devices and 5G networks. The company is committed to addressing complex technical challenges and advancing connectivity. Investors can find more information at www.qorvo.com.
Qorvo (Nasdaq: QRVO) announced that its executives will present at the Raymond James 42nd Annual Institutional Investors Conference on March 2, 2021, at 9:10 a.m. ET. A live webcast will be available on their website under the 'Investors' section.
Qorvo is a provider of innovative RF solutions, addressing high-growth segments such as advanced wireless devices and defense communications. The company emphasizes its role in advancing technologies like 5G and the Internet of Things. For more details, visit www.qorvo.com.
Qorvo (Nasdaq: QRVO) announced that executives will present at the Goldman Sachs 2021 Technology and Internet Conference on February 11, 2021, at 2:50 p.m. ET. A live webcast of the event will be available on Qorvo's website.
The company is a leader in innovative RF solutions, serving high-growth markets including advanced wireless devices and 5G technologies. Forward-looking statements in the release highlight various risks, including reliance on a few large customers and potential impacts from the COVID-19 pandemic.
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