Qorvo, a leading provider of connectivity and power solutions, has announced results for the fiscal 2024 first quarter, which ended on July 1, 2023. On a GAAP basis, Qorvo reported revenue of $651 million for the first quarter, with a gross margin of 35.2%. Despite an operating loss of $48 million and a loss per share of $0.44, the company demonstrated resilience in its performance. However, the non-GAAP results presented a more positive picture, with a gross margin of 42.9%, operating income of $47 million, and diluted earnings per share of $0.34.
Bob Bruggeworth, the President and Chief Executive Officer of Qorvo, expressed satisfaction with the company's performance, stating, "The Qorvo team continues to operate well to position Qorvo for long-term growth. We are introducing new products and technologies to increase our content in customer designs and broaden our exposure in new and existing markets."
Strategically, Qorvo achieved several significant milestones during the quarter:
- Secured a multi-million-dollar order for SiC power devices, which will support AI servers and other data center applications.
- Extended its leadership in DOCSIS 4.0 by introducing a 1.8 GHz hybrid power doubler that delivers more RF power with lower power consumption than competing solid-state solutions.
- Released a highly integrated 3.4 - 3.8 GHz 8W PAM, simplifying the design of 5G massive MIMO systems.
- Sampled the industry's first C-band discrete BAW band pass filter for 5G small cell radios.
- Began sampling a defense and aerospace industry-first 2-18 GHz integrated Tx/Rx FEM, capable of delivering 10W of Tx power.
- Secured a design win to supply a receive amplifier for a major US-based automotive OEM in the automotive radar segment.
- Selected as a supplier for UWB connectivity for a US-based EV manufacturer.
- Won multi-million-dollar automotive force-sensing touch sensor design wins, enabling force level detection in various automotive applications.
- Chosen to provide cellular V2X front end modules and BAW coexistence filters for use by a major Europe-based automotive OEM.
- Awarded multiple Wi-Fi 7 BAW filter design wins and commenced sampling tier-one customers for its next-generation Wi-Fi 7 FEM portfolio.
- Achieved Matter 1.1 certification, expanding market opportunities in support of smart home ecosystem customers.
- Began customer sampling of next-generation antenna tuners, delivering best-in-class linearity, compact solution size, and compatibility across all major chipsets.
Qorvo's Chief Financial Officer, Grant Brown, commended the company's financial performance, emphasizing that they exceeded the mid-point of their quarterly guidance for revenue, gross margin, and EPS. He highlighted the team's effective execution and their ability to reduce channel inventory while navigating a challenging macro environment.
Looking forward, Qorvo's outlook for the September 2023 quarter includes:
- Quarterly revenue of approximately $1 billion, plus or minus $15 million.
- Non-GAAP gross margin between 45% and 46%.
- Non-GAAP diluted earnings per share of approximately $1.75 at the midpoint of revenue.
The company's achievements in its fiscal 2024 first quarter demonstrate its commitment to innovation, market expansion, and financial growth. Qorvo continues to position itself as a leading player in the global connectivity and power solutions industry.
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