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Jul 03, 2021
Qorvo Q1 2022 Earnings Report
Qorvo's Q1 2022 financial results were announced, revealing exceptional performance driven by product and technology leadership and multi-year technology upgrade cycles.
Key Takeaways
Qorvo reported revenue of $1.110 billion for Q1 2022, with a GAAP EPS of $2.51 and a non-GAAP EPS of $2.83. The company experienced robust end market demand and a strong outlook, leading to investments in new product areas and differentiated technologies.
Launched next-generation complete main path solution, including LB, MHB and UHB integrated modules, offering higher output power and enhanced MIMO support for upcoming 5G phones.
Began sampling Qorvo's first 5G DRx, featuring best-in-class receive sensitivity for sub-6 GHz 5G UHB.
Achieved interoperability of Qorvo's UWB products with the Apple U1 chip and the recently introduced Nearby Interaction protocol, accelerating UWB customer design activity.
Secured new reference design engagements in mobile phones with Wi-Fi 6E chip-on-board FEMs delivering superior performance and enhancing design flexibility.
Qorvo
Qorvo
Forward Guidance
Qorvo expects continued business strength in the September quarter, projecting a full fiscal year gross margin above 52% and another year of free cash flow growth while investing in capacity.
Positive Outlook
- Quarterly revenue of $1.235 billion to $1.265 billion
- Non-GAAP gross margin between 52% and 52.5%
- Non-GAAP diluted earnings per share of $3.24 at the midpoint of guidance