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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) will hold a conference call on May 3, 2023, at 5:00 p.m. (ET) to discuss its fourth-quarter fiscal 2023 financial results. The call will be available via webcast on the Company's Investor Relations website and will include a playback accessible by phone shortly after the call's conclusion. Qorvo will release its financial results at approximately 4:00 p.m. (ET) on the same day. As a key player in semiconductor solutions, Qorvo targets high-growth markets, including consumer electronics, smart home technology, and automotive sectors. The company addresses complex technical challenges through innovative products and technology. However, investors should note that the conference call may discuss forward-looking statements that could differ from actual results due to various risks and uncertainties, including market volatility and customer demand fluctuations.
Qorvo (Nasdaq: QRVO) has expanded its power management portfolio with the introduction of the PAC22140 and PAC25140 Power Application Controllers. These devices are designed as single-chip solutions that support battery packs with up to 20 cells in series, ideal for industrial and e-mobility applications. The PACs save designers over 50% in PCB space and decrease the total bill of materials cost by 30%. Additionally, they feature various integrated peripherals and support for high cell counts to meet increasing demands for battery performance. The PAC22140 is available now, while the PAC25140 will begin production in April 2023.
Qorvo (Nasdaq: QRVO), a leader in connectivity and power solutions, will present at the Raymond James 44th Annual Institutional Investors Conference on March 7, 2023, at 10:25 a.m. ET. The event will be accessible via a live webcast on Qorvo's website. The company specializes in innovative semiconductor solutions serving various sectors, including consumer electronics, smart home, automotive, healthcare, and aerospace. With a strong focus on product leadership and customer challenges, Qorvo is positioned to make impactful advancements in technology and sustainability.
Qorvo (Nasdaq: QRVO) announced a new three-stage power solution for phased array radar applications on Feb. 2, 2023. This innovative chipset enhances system performance through configurable GaN bias point autocalibration and reduces capacitance by up to 90%, leading to a 30% decrease in system volume and lower operating costs. The solution includes three components: the ACT43950 capacitor charge controller, the ACT43850 RF Point-of-Load power converter, and the ACT43750 drain switch regulator. An evaluation board is available for performance testing, facilitating faster market entry for customers.
Qorvo (Nasdaq: QRVO) reported its fiscal 2023 third-quarter results with revenue of $743 million, a 36.1% gross margin, and an operating income of $9 million. The loss per share stood at $0.16 on a GAAP basis. Non-GAAP metrics showed a 40.9% gross margin, $99 million operating income, and $0.75 diluted EPS. CEO Bob Bruggeworth noted ongoing improvements despite challenges and highlighted strategic growth in product offerings. The company expects March quarter revenue between $600 million and $640 million, with a projected non-GAAP gross margin of 41% and diluted EPS between $0.10 and $0.15.
Qorvo (Nasdaq: QRVO) will host a conference call on February 1, 2023, at 5:00 p.m. ET to discuss its fiscal 2023 third quarter financial results. The financial results will be released at approximately 4:00 p.m. ET on the same day. Investors can access the live call via the Company's Investor Relations website. A playback of the call will be available within two hours after its conclusion, through February 8, 2023. Qorvo specializes in innovative semiconductor solutions across various sectors including consumer electronics, IoT, and automotive.
Qorvo (Nasdaq: QRVO) received the 2022 Golden Supplier Award from HONOR for excellence in performance and collaboration. The award was presented to Qorvo's CEO Bob Bruggeworth on December 8, 2022, at the company's San Jose office. HONOR recognized Qorvo's support as a strategic supplier since its establishment in 2020, particularly in powering multiple 5G smartphones in 2022. HONOR's CPO indicated optimism for future collaboration as 5G technology expands. Bruggeworth expressed gratitude for the recognition, emphasizing Qorvo's commitment to exceeding HONOR's expectations with top-tier products and support.
Qorvo (Nasdaq: QRVO) has been awarded the 2022 title of Most Respected Public Semiconductor Company by the Global Semiconductor Alliance (GSA). This honor reflects Qorvo's excellence in innovation and customer commitment, with notable contributions in connectivity and power solutions over 30 years. Jodi Shelton, GSA president, praised Qorvo's advancements and growth potential, highlighting the company's recent acquisitions aimed at driving further innovation. The GSA represents about 70% of the $550 billion semiconductor industry, showcasing Qorvo's industry standing.
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