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Oct 01, 2022
Qorvo Q2 2023 Earnings Report
Qorvo delivered a solid September quarter, supported by a large customer launch and strength in defense and power.
Key Takeaways
Qorvo's fiscal 2023 second quarter saw revenue of $1.158 billion. GAAP diluted earnings per share was $1.82, while non-GAAP diluted earnings per share was $2.66. The company is adjusting to weakening end-market demand and taking steps to reduce inventory.
Achieved fourth consecutive quarter of sequential growth in Silicon Carbide (SiC) business and signed agreement with SK Siltron for long-term supply of SiC wafers
Released portfolio of advanced fourth-generation SiC surface-mount FETs optimized for high-power applications
Achieved Matter® 1.0 certification and commenced shipments of Matter development kits featuring ConcurrentConnect™ technology
Expanded connectivity and sensing design wins supporting top-tier automakers for applications including infotainment, connectivity, secure car access and EV smart interiors
Qorvo
Qorvo
Forward Guidance
Qorvo's current outlook for the December 2022 quarter is: Quarterly revenue of $700 million to $750 million, Non-GAAP gross margin between 43% and 44%, Non-GAAP diluted earnings per share in the range of $0.50 to $0.75
Challenges Ahead
- Ongoing weakness across end markets, primarily consumer
- A more acute inventory correction at our Android-based smartphone customers