Qorvo has announced financial results for the Company's fiscal 2018 second quarter, ended September 30, 2017. On a GAAP basis, fiscal 2018 second quarter revenue was $821.6 million, gross margin was 39.1%, operating income was $49.6 million, and diluted net income per share was $0.27. On a non-GAAP basis, fiscal 2018 second quarter revenue was $820.6 million, gross margin was 47.4%, operating income was $230.5 million, or 28.1% of sales, and diluted EPS was $1.52.
Quarterly Highlights
- Grew Mobile Products revenue 38% sequentially to $630 million, driven by Qorvo's largest customer and stronger demand in China
- Achieved record IDP revenue of $190 million, up 21% year-over-year, and secured record design wins to support strong revenue growth
- Increased IoT revenue by 50% year-over-year and doubled GaN revenue year-over-year
- Significantly expanded family of antenna control solutions and enjoyed strong growth, supported by increased antenna complexity, 4x4 MIMO implementations and expansion into mid-tier smartphones
- Supported Huawei Mate 10 with BAW filters, antenna tuners, RF front end modules and envelope tracking (ET) power management solution
- Secured RF FEM design win supporting the Tile® tracker family
- Shipped more than $9 of RF content to Xiaomi for Mi Mix 2 and received Xiaomi partnership award
- Supported the deployment of 900 MHz narrow band IoT (NB-IoT) infrastructure in China with a broad product portfolio
- Launched 600 MHz band 71 wireless infrastructure products and secured design wins, expanding support for all 5G bands, from 600 MHz to 39 GHz
- Shipped BAW-based band 1/3 quadplexer, Wi-Fi iFEMs, and RF Flex™ to Oppo for next-generation flagship smartphone
- Secured multi-year design wins with major defense contractor for high-power, high-efficiency GaAs components supporting several advanced radar applications
