Qorvo®, announced financial results for the Company’s fiscal 2022 second quarter ended October 2, 2021 earlier this month. Bob Bruggeworth, President and Chief Executive Officer of Qorvo, said, “Qorvo delivered a strong September quarter and is executing well. We are sustaining investments in highly differentiated technologies and best-in-class products to extend our leadership and drive growth. After the quarter closed, Qorvo acquired United Silicon Carbide, an innovator in silicon carbide power devices and a pioneer in silicon carbide JFETs. The addition of United Silicon Carbide leverages Qorvo’s wide bandgap competencies and expands our power franchise.”
On a GAAP basis, revenue for Qorvo’s fiscal 2022 second quarter was $1.255 billion, gross margin was 49.5%, operating income was $362 million and diluted earnings per share was $2.84. On a non-GAAP basis, gross margin was 52.4%, operating income was $435 million and diluted earnings per share was $3.42.
Key Strategic Highlights
- Commenced shipments of MHB and UHB PADs, antenna tuners and multiple connectivity solutions to support the ramp of the Google Pixel 6
- Received initial production orders for MHB and UHB PADs, Wi-Fi FEMs, and high-performance discrete solutions enabling advanced functionality in upcoming Korea-based 5G mass-market smartphone platform
- Expanded UWB engagement with leading provider of consumer IoT products covering a broad range of connected home devices and secured UWB design wins with multiple OEMs supporting enterprise access points and home mesh networks
- Selected to supply UWB and Zigbee solutions with ConcurrentConnect™ technology to automaker in Korea, streamlining manufacturing automation
- Began sampling 5.2 GHz/5.6 GHz Wi-Fi 6 iFEMs with an integrated BAW filter, enabling higher capacity and improved efficiency in a reduced form factor
- Selected by a major base station OEM to supply all RF transmit and receive path content, including BAW filters, for 5G small cells
- Expanded defense product portfolio with industry-leading 125-watt S-band power amplifier module and 1.8-kilowatt L-band radar pallet for commercial and defense radar applications
- Received first orders and commenced shipments of Qorvo Omnia™ Antigen Test Platform, including cartridges
- After the quarter, acquired United Silicon Carbide to expand power franchise and enter higher voltage electrification applications
Financial Commentary and Outlook
Mark Murphy, Chief Financial Officer of Qorvo, said, “After achieving a record September quarter, we expect December quarter revenue to decrease sequentially amidst ongoing supply challenges and other factors impacting global smartphone demand. In the March quarter, we expect these challenges to moderate. We expect our full fiscal year 2022 to grow 15% and to deliver gross margin over 52%.”
Qorvo currently believes the supply/demand environment supports the following expectations for the December 2021 quarter:
- Quarterly revenue of $1.09 billion to $1.12 billion
- Non-GAAP gross margin between 52% and 52.5%
- Non-GAAP diluted earnings per share of $2.75 at the midpoint of guidance
Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.
