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Oct 02, 2021
Qorvo Q2 2022 Earnings Report
Qorvo delivered strong results driven by differentiated technologies and best-in-class products.
Key Takeaways
Qorvo announced financial results for the Company’s fiscal 2022 second quarter ended October 2, 2021. On a GAAP basis, revenue for Qorvo’s fiscal 2022 second quarter was $1.255 billion, gross margin was 49.5%, operating income was $362 million and diluted earnings per share was $2.84.
Commenced shipments of MHB and UHB PADs, antenna tuners and multiple connectivity solutions to support the ramp of the Google Pixel 6
Received initial production orders for MHB and UHB PADs, Wi-Fi FEMs, and high-performance discrete solutions enabling advanced functionality in upcoming Korea-based 5G mass-market smartphone platform
Expanded UWB engagement with leading provider of consumer IoT products covering a broad range of connected home devices and secured UWB design wins with multiple OEMs supporting enterprise access points and home mesh networks
Selected to supply UWB and Zigbee solutions with ConcurrentConnectTM technology to automaker in Korea, streamlining manufacturing automation
Forward Guidance
Qorvo currently believes the supply/demand environment supports the following expectations for the December 2021 quarter:
Positive Outlook
- Quarterly revenue of $1.09 billion to $1.12 billion
- Non-GAAP gross margin between 52% and 52.5%
- Non-GAAP diluted earnings per share of $2.75 at the midpoint of guidance
Challenges Ahead
- December quarter revenue to decrease sequentially amidst ongoing supply challenges and other factors impacting global smartphone demand.
- In the March quarter, we expect these challenges to moderate.
- We expect our full fiscal year 2022 to grow 15% and to deliver gross margin over 52%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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