Qorvo has announced strong financial results for the fiscal 2019 second quarter, which ended on September 29, 2018, with both revenue and EPS well above guidance.
Key Highlights this Quarter
- Increased Mobile Products revenue 37% sequentially to $667 million, in support of flagship smartphone product ramps
- Selected by Samsung to supply 3.5 GHz 5G FEM, supporting multiple 5G mobile device demos
- Sampled industry-first dual-band 3.5 GHz and 4.9 GHz 5G FEM to leading China-based smartphone manufacturer
- Commenced shipments of RF Fusion Phase 6 for Vivo's NEX flagship smartphone, delivering complete main path coverage in two placements
- Delivered IDP revenue of $218 million, up 15% year-over-year, led by strength in base station applications
- Commenced shipments of dual-band Wi-Fi iFEM powering recently launched digital video assistant for leading social media platform
- Increased GaN-based revenue 27% year-over-year, driven by broad market demand, including 5G infrastructure
- Supplied 5.9 GHz FEM, optimized for Qualcomm's 9150 cellular vehicle-to-everything (C-V2X) chipset, supporting multiple automotive OEMs in worldwide field trials
- Selected by Continental, a leading tier-one automotive supplier, to deliver multiple solutions enabling always-on automotive connectivity to worldwide cellular networks
- Secured design wins from leader in wearable and location technology to supply 2.4 GHz FEMs for multiple consumer wearable devices
- Awarded design win by CommScope to supply 28 GHz high power amplifiers for 32-element phased array 5G deployments
On a GAAP basis, revenue for Qorvo's fiscal 2019 second quarter was $884 million, gross margin was 40.0%, operating income was $90 million and diluted earnings per share were $0.25. On a non-GAAP basis, revenue for Qorvo's fiscal 2019 second quarter was $884 million, gross margin was 47.7%, operating income was $253 million and diluted earnings per share were $1.75.
Qorvo currently believes the demand environment in its end markets supports the following non-GAAP expectations for the December 2018 quarter:
- Quarterly revenue in the range of $880 million to $900 million
- Gross margin of approximately 50%
- Diluted earnings per share of $1.95 at the midpoint of guidance
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