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Sep 30, 2023
Qorvo Q2 2024 Earnings Report
Qorvo's financial performance significantly improved, driven by content gains and growth across all operating segments.
Key Takeaways
Qorvo reported strong second-quarter results, exceeding revenue guidance by $103 million. The company saw sequential growth in all three operating segments (ACG, CSG, and HPA) and secured key design wins. Qorvo anticipates year-over-year revenue growth in fiscal year 2024.
Quarterly revenue grew 70% sequentially, surpassing the midpoint of revenue guidance by $103 million.
Sequential growth was achieved across ACG, CSG, and HPA operating segments.
Broad-based design wins were secured in all end markets, including major UWB wins.
Qorvo significantly reduced inventory while improving Android channel inventory.
Qorvo
Qorvo
Forward Guidance
Qorvo's outlook for the December 2023 quarter includes revenue of approximately $1 billion (plus or minus $25 million), non-GAAP gross margin between 43% and 44%, and non-GAAP diluted earnings per share of approximately $1.65 (at the midpoint of revenue).
Positive Outlook
- Quarterly revenue of approximately $1 billion, plus or minus $25 million
- Non-GAAP gross margin between 43% and 44%
- Non-GAAP diluted earnings per share of approximately $1.65 at the midpoint of revenue
- Reflects seasonal patterns.
- Reflects robust content on customer programs
Challenges Ahead
- Qorvo’s actual quarterly results may differ from these expectations and projections.
- Such differences may be material.
- Variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures.
- Stock-based compensation.
- Acquisition and integration related costs.