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Jul 01, 2023
Qorvo Q1 2024 Earnings Report
Qorvo's financial performance was driven by exceeding revenue, gross margin, and EPS guidance while reducing channel inventory.
Key Takeaways
Qorvo's Q1 2024 revenue was $651 million. The company reported a GAAP loss per share of $0.44 and a non-GAAP diluted earnings per share of $0.34. They expect improved financial performance in the September quarter.
Booked multi-million-dollar order for SiC power devices supporting AI servers and other data center applications.
Extended leadership in DOCSIS 4.0 with sampling of 1.8 GHz hybrid power doubler.
Released highly integrated 3.4-3.8 GHz 8W PAM simplifying 5G massive MIMO system design.
Secured automotive radar design win to supply a receive amplifier for a major US-based automotive OEM.
Qorvo
Qorvo
Forward Guidance
Qorvo’s current outlook for the September 2023 quarter is: Quarterly revenue of approximately $1 billion, plus or minus $15 million, Non-GAAP gross margin between 45% and 46%, Non-GAAP diluted earnings per share of approximately $1.75 at the midpoint of revenue