Qorvo has announced financial results for the Company's fiscal 2019 first quarter, that ended June 30, 2018. In the June quarter, Qorvo delivered revenue and EPS above the provided guidance, and in the September quarter, they expect sequential growth driven by new product ramps and the underlying macro-trends of LTE-Advanced/Pro, 5G, IoT and GaN markets.
Quarterly Highlights
- Sampled BAW-based diversity receive modules and antennaplexers to multiple smartphone manufacturers to enable next-generation carrier aggregation and MIMO architectures
- Expanded shipments of quadplexers, antenna control solutions and RF Fusion™ Phase 6 modules in support of leading China-based smartphone manufacturers
- Secured design win for an ultra-high band (UHB) FEM for a Korea-based marquee smartphone launching this year, addressing 3.5GHz UHB requirements ahead of the coming 5G rollout
- Commenced shipments to SONOS of BAW-based iFEM to enable interference-free streaming in next-generation Beam soundbar
- Awarded design wins for next-generation tri-band distributed Wi-Fi systems by leading U.S. provider of cost-effective, plug-in distributed Wi-Fi end-points for retail and carrier-based solutions
- Selected by Qualcomm to supply high-efficiency 5GHz FEM for new 802.11ax carrier gateway designs
- Expanded massive MIMO and 5G base station product portfolio with highly integrated modules supporting the full spectrum of anticipated 5G frequency bands, up to 39 GHz
- Powered the first commercially available millimeter wave fixed wireless access service, recently launched in Boston, Los Angeles and Washington, DC, with 39 GHz GaN FEMs
- Expanded portfolio of GaN-based defense solutions with the release of high-performance X-Band FEMs for mission-critical radar systems for customers around the world
On a GAAP basis, revenue for Qorvo's fiscal 2019 first quarter was $692.7 million, gross margin was 34.2%, operating loss was $19.2 million, and loss per share was $0.24. On a non-GAAP basis, revenue for fiscal 2019 first quarter was $692.7 million, gross margin was 44.0%, operating income was $144.4 million and diluted earnings per share was $0.96.
