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Jun 27, 2020
Qorvo Q1 2021 Earnings Report
Qorvo delivered an exceptional June quarter with revenue and EPS well above guidance.
Key Takeaways
Qorvo reported revenue of $787 million and GAAP EPS of $0.83 for Q1 2021. The company's results exceeded expectations due to the rollout of 5G and operational performance.
Achieved record infrastructure revenue supporting 5G base station deployments and sampled GaN power amplifiers for upcoming U.S. C-band spectrum allocations
Ramped programmable power management solution and Wi-Fi 6 FEM for a leading drone manufacturer, enabling longer flight time, greater range and larger payload
Awarded design wins for integrated GaN multi-chip broadband Tx/Rx module and 50-watt GaN power amplifier for defense radar programs
Experienced continued strong demand for Wi-Fi 6 products, including FEMs and BAW filters, driven by work-from-home trends
Qorvo
Qorvo
Forward Guidance
Qorvo expects robust end market demand and ongoing operational improvements to drive healthy revenue growth and gross margin expansion.
Positive Outlook
- Quarterly revenue in the range of $925 million to $955 million
- Non-GAAP gross margin of approximately 50%
- Non-GAAP diluted earnings per share of $1.90 at the midpoint of guidance
Challenges Ahead
- Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.
- COVID-19 outbreak, which has and will likely continue to negatively impact the global economy and disrupt normal business activities, and which may have an adverse effect on our results of operations
- Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results
- Our substantial dependence on developing new products and achieving design wins
- Our dependence on a few large customers for a substantial portion of our revenue