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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) announced that recent studies confirm the effectiveness of the Qorvo Omnia SARS-CoV-2 Antigen Test in detecting circulating SARS-CoV-2 variants, including Delta. One study was led by Emory University and Georgia Institute of Technology for the NIH RADx initiative, while the other was conducted internally by Qorvo. The Omnia Test utilizes advanced BAW sensor technology for rapid results. Qorvo continues to validate the test’s efficacy amidst ongoing COVID-19 challenges, reinforcing its commitment to combating the pandemic.
Qorvo (Nasdaq: QRVO) has acquired United Silicon Carbide (UnitedSiC), a key player in silicon carbide power semiconductors, based in Princeton, NJ. This acquisition aims to enhance Qorvo's capabilities in the rapidly growing electric vehicle (EV) and industrial power markets. UnitedSiC's extensive product portfolio includes over 80 devices, notably its latest Generation 4 SiC FETs, which boast industry-leading performance. The integration is expected to bolster Qorvo's Infrastructure & Defense Products segment and expand its market opportunities for high-power applications.
Qorvo (NASDAQ: QRVO) announced the appointment of Philip Chesley as president of its Infrastructure & Defense Products segment, effective November 1, 2021. Chesley succeeds James Klein, who is retiring. He brings extensive experience from leading technology companies, including Renesas and Intersil. CEO Bob Bruggeworth expressed confidence in Chesley's leadership to drive growth in Qorvo’s diverse business. The transition highlights the company's commitment to enhancing its position in important markets.
On November 3, 2021, Qorvo (Nasdaq:QRVO) reported its fiscal 2022 Q2 results, achieving a revenue of $1.255 billion, up from $1.110 billion in the previous quarter. The gross margin was 49.5%, with diluted EPS at $2.84 on a GAAP basis. Non-GAAP metrics showed gross margin at 52.4% and diluted EPS of $3.42. Despite a strong performance, the company anticipates a sequential revenue decrease in Q3 due to global smartphone demand challenges. Full fiscal year 2022 growth is projected at 15% with a gross margin exceeding 52%.
Qorvo (Nasdaq: QRVO) will hold a conference call to discuss its fiscal 2022 second quarter financial results on November 3, 2021, at 5:00 p.m. ET. The results will be released at approximately 4:00 p.m. ET the same day. Participants can access the live webcast on Qorvo's website or listen to a playback through a provided phone number. The company emphasizes its focus on innovative RF solutions across various high-growth market segments, including advanced wireless devices and 5G networks, while highlighting the risks associated with market dependence and external economic factors.
Qorvo (Nasdaq: QRVO) announced its participation in the Citi 2021 Global Technology Virtual Conference on September 13, 2021, at 9:40 a.m. ET. The event will feature executive presentations focused on Qorvo's innovative RF solutions that enhance connectivity worldwide. Interested parties can access the live webcast on the Qorvo website under the 'Investors' section. The company is recognized for its leadership in advanced wireless technology, contributing to sectors such as 5G, cloud computing, and the Internet of Things.
Qorvo (Nasdaq:QRVO) reported fiscal Q2 2022 results ending July 3, 2021, with revenue of $1.110 billion and a gross margin of 49.2%. Operating income was $297 million and diluted EPS reached $2.51 on a GAAP basis. Non-GAAP figures showed a gross margin of 52.5%, operating income of $367 million, and diluted EPS of $2.83. Outlook for Q3 projects revenue between $1.235 billion and $1.265 billion, with a non-GAAP gross margin above 52%.
Qorvo (QRVO) announced a significant milestone for its Omnia SARS-CoV-2 Antigen Test through independent studies by the NIH RADx initiative. The studies achieved 100% sensitivity/specificity in adults and 83% sensitivity with 100% specificity for pediatric samples. Results were available within 20 minutes, leveraging high-frequency BAW sensors for rapid testing. The test received Emergency Use Authorization from the FDA in April 2021, aimed at detecting SARS-CoV-2 in nasal swabs. This advancement reflects Qorvo's commitment to improving diagnostic capabilities.
Qorvo (Nasdaq: QRVO) will host a conference call to review its fiscal 2022 first quarter results on August 4, 2021, at 5:00 p.m. ET. The call will be available live on their website, with a playback accessible two hours post-call until August 11, 2021. Financial results will be released at 4:00 p.m. ET on the same day. Qorvo specializes in RF solutions and serves several high-growth markets including 5G and IoT. Investors are encouraged to tune in for insights into the company's financial performance and outlook.
Qorvo (Nasdaq: QRVO) has launched the world’s first family of electronically reconfigurable dual-band GaN power amplifiers (PAs), aimed at transforming radar technology in defense and commercial avionics. The QPA0007 and QPA0004 models allow rapid reconfiguration between S- and X-bands, significantly enhancing radar platform flexibility while reducing size, weight, power, and costs. These amplifiers boast higher power efficiency and lower BOM by 50%. They are now available for sampling, with a focus on optimizing manufacturability and performance.
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