February 1, 2023 — Qorvo(NASDAQ:QRVO) , a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2023 third quarter ended December 31, 2022.
Qorvo(NASDAQ:QRVO) reported Wednesday fiscal Q3 non-GAAP earnings of $0.75 per diluted share,
Analysts polled by Capital IQ expected $0.63.
Revenue for the quarter ended Dec. 31, 2022, was $743.3 million, Analysts polled by Capital IQ expected $726.3 million.
The company said it expects fiscal Q4 non-GAAP diluted EPS of $0.10 to $0.15. Analysts polled by Capital IQ expect $0.60. The company expects revenue for the quarter of $600 million to $640 million. Analysts polled by Capital IQ expect $725.9 million.
On a GAAP basis, revenue for Qorvo’s fiscal 2023 third quarter was $743 million, gross margin was 36.1%, operating income was $9 million and loss per share was $0.16. On a non-GAAP basis, gross margin was 40.9%, operating income was $99 million and diluted earnings per share was $0.75.
Grant Brown, chief financial officer of Qorvo, said, “We are encouraged by the channel inventory consumption we saw in the December quarter, and we expect channel inventories will continue to be consumed in the March quarter. In addition to ongoing alignment of supply and demand, we expect unit volumes across our businesses will recover later this year, and we have secured content gains in large customer programs, all of which will support improved financial performance.”
Outlook
Qorvo’s current outlook for the March 2023 quarter is:
Quarterly revenue of $600 million to $640 million
Non-GAAP gross margin of approximately 41%
Non-GAAP diluted earnings per share in the range of $0.10 to $0.15
QORVO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
About Qorvo
Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including consumer electronics, smart home/IoT, automotive, EVs, battery-powered appliances, network infrastructure, healthcare and aerospace/defense. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.