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Jul 02, 2022
Qorvo Q1 2023 Earnings Report
Qorvo demonstrated resilience amidst macroeconomic challenges, delivering solid results through strategic investments and expansion into high-growth markets.
Key Takeaways
Qorvo announced its fiscal year 2023 first quarter results, with revenue of $1.035 billion. The company's GAAP diluted earnings per share was $0.65, while the non-GAAP diluted earnings per share was $2.25. Despite facing macroeconomic headwinds, Qorvo is investing in product and technology leadership and expanding its reach in higher growth end markets.
Completed MFi certification of interoperability for Qorvo’s ultra-wideband solutions with the Apple U1 chip.
Commenced shipments of MEMS-based force sensors enhancing industrial design and improving trackpad uniformity and reliability in a recently launched consumer laptop.
Launched development kit for Matter-enabled gateways and connected devices, streamlining commercial development of smart home applications.
Secured automotive Wi-Fi 6 design wins for infotainment system at General Motors and validated automotive Wi-Fi 6 placements on reference design for top automotive Wi-Fi chipset supplier.
Qorvo
Qorvo
Forward Guidance
Qorvo's current outlook for the September 2022 quarter is: Quarterly revenue of $1.12 billion to $1.15 billion, Non-GAAP gross margin between 49% and 50%, Non-GAAP diluted earnings per share in the range of $2.45 to $2.65
Challenges Ahead
- Incremental weakness in the broader smartphone market
- Reduce factory utilization.
- Unprecedented disruption resulting from measures taken in China to control the COVID-19 pandemic
- Conflict in Ukraine have negatively impacted demand for 5G handsets in China and EMEA within a short period of time.
- Shortfall charges that have been recorded in our cost of goods sold.