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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 4, 2022, at 5:00 p.m. (ET) to discuss its fiscal 2022 fourth quarter financial results. Results will be released at approximately 4:00 p.m. (ET) the same day. The call can be accessed via the company's website and will be available for playback afterward. Qorvo specializes in RF solutions for various markets including 5G, IoT, and advanced wireless devices. The company emphasizes innovation and design wins to drive growth, despite risks from dependencies on large customers and market fluctuations.
Qorvo, Inc. (NASDAQ: QRVO) announced the departure of its Chief Financial Officer, Mark Murphy, effective April 18, 2022. He is leaving to join Micron Technology as CFO. In the interim, Grant Brown, the Vice President of Treasury, has been appointed as acting CFO. The company's guidance for the fiscal 2022 fourth quarter remains unchanged. Bob Bruggeworth, CEO, expressed gratitude for Murphy's contributions, highlighting the strength of Qorvo's finance team under his leadership.
Qorvo (Nasdaq: QRVO) announced its participation in the Raymond James 43rd Annual Institutional Investors Conference on March 7, 2022, at 8:40 a.m. Eastern Time. The event will be webcast live, accessible via Qorvo's website under the 'Investors' section.
Qorvo specializes in Radio Frequency solutions and plays a critical role in sectors like advanced wireless devices, networks, and defense communications. The company is committed to advancing technologies such as 5G and the Internet of Things, enhancing global connectivity.
Qorvo (Nasdaq: QRVO) has received a $4.1 million follow-on contract from the National Institutes of Health (NIH) as part of the Rapid Acceleration of Diagnostics (RADx) initiative. This contract will support the clinical trials and market launch of innovative COVID-19 testing solutions, including a SARS-CoV-2/Flu Combo Assay and an Antigen Pooling application on the Qorvo Omnia™ diagnostic test platform. This award follows a previous NIH contract of $24.4 million, enabling Qorvo to enhance its COVID testing capabilities.
Qorvo (Nasdaq: QRVO) reported fiscal Q3 2022 results with revenue of $1.114 billion, a gross margin of 49.2%, and diluted EPS of $1.95 on a GAAP basis. Non-GAAP results showed a gross margin of 52.6% and diluted EPS of $2.98. The company exceeded revenue guidance, driven by growth in 5G, IoT, and defense markets. For Q4, Qorvo expects revenue between $1.135 billion and $1.165 billion and a non-GAAP EPS of $2.94. The outlook reflects strong smartphone launches and IDP volume growth.
Qorvo (Nasdaq: QRVO) will host a conference call on February 2, 2022, at 5:00 p.m. (ET) to discuss its fiscal 2022 third quarter financial results, with results released around 4:00 p.m. the same day. The event will be webcast on Qorvo's website. A playback will be available shortly after the call via telephone until February 9, 2022. Qorvo is recognized for its innovative RF solutions, supporting sectors such as 5G networks and IoT, thereby connecting various technologies globally.
Qorvo (Nasdaq: QRVO) has launched its first wideband Wi-Fi front-end module, the QPF4730, supporting 5.1 GHz to 7.1 GHz bands designed for enterprise Wi-Fi 6 and Wi-Fi 6E solutions. The QPF4730 enhances system performance and capacity while minimizing board space for upgrades. It is optimized for Power over Ethernet (PoE) and improves Quality of Service (QoS), suitable for home, campus, and enterprise environments. This innovation represents Qorvo’s commitment to advancing connectivity technologies.
Qorvo announces its provision of Ultra-Wideband (UWB) technology for Google's Pixel 6 Pro smartphone, marking a significant milestone in the Android ecosystem. The DW3720 UWB solution enhances various applications, including location tracking and secure financial transactions. Eric Creviston, president of Qorvo Mobile Products, highlights the collaboration with Google, aiming to establish UWB as a key technology across mobile and IoT devices. The UWB solution adheres to IEEE standards, ensuring interoperability within the growing UWB ecosystem.
Qorvo (Nasdaq: QRVO) successfully completed a $500 million offering of senior notes due December 15, 2024, with a 1.750% interest rate payable semi-annually. Funds from this offering will be utilized to fully repay a term loan and for general corporate purposes. The notes are senior unsecured obligations and are guaranteed by Qorvo's wholly-owned U.S. subsidiaries. The issuance complies with Rule 144A and Regulation S under the Securities Act of 1933, and no registration is required for their sale in the U.S.
Qorvo (Nasdaq: QRVO) announced a $500 million offering of senior notes maturing in 2024, with a 1.750% interest rate, set to close around December 14, 2021. The funds will be used to repay part of its term loan and for general corporate purposes. The notes are senior unsecured obligations and will not be registered under the Securities Act. The offering targets qualified institutional buyers and certain non-U.S. persons.
The press release includes forward-looking statements with various risks and uncertainties that could impact Qorvo's financial results.
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