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Oct 03, 2020
Qorvo Q2 2021 Earnings Report
Qorvo outperformed its updated guidance on revenue, gross margin and EPS.
Key Takeaways
Qorvo's fiscal 2021 second quarter saw revenue of $1.06 billion, a GAAP gross margin of 46.4%, operating income of $222 million, and diluted earnings per share of $1.18. Non-GAAP figures include a gross margin of 51.7%, operating income of $329 million, and diluted earnings per share of $2.43. The quarter benefited from diversified customer strength and technology upgrade cycles like 5G and Wi-Fi 6.
Expanded shipments of integrated main path solutions across multiple tier-one smartphone OEMs.
Increased volume shipments of BAW-based antennaplexer solutions to multiple tier-one smartphone OEMs.
Acquired ultra-wideband (UWB) software and system solution pioneer 7Hugs Labs S.A.S. to enhance Qorvo’s capabilities in UWB system solutions.
Awarded multi-year U.S. government State-of-the-Art Heterogeneous Integrated Packaging (SHIP) program.
Qorvo
Qorvo
Forward Guidance
Qorvo projects robust end market demand to continue into the December quarter and projects record operating margins in the current quarter and free cash flow of approximately $900 million for the fiscal year.
Positive Outlook
- Quarterly revenue of $1.06 billion, plus or minus $15 million
- Non-GAAP gross margin of approximately 52.5%
- Non-GAAP diluted earnings per share of $2.65 at the midpoint of guidance