Loading...
•
Jan 01, 2022
Qorvo Q3 2022 Earnings Report
Qorvo outperformed its guidance on revenue, gross margin, and EPS, driven by secular growth drivers in 5G, IoT connectivity, defense, and power.
Key Takeaways
Qorvo reported Q3 2022 financial results with revenue of $1.114 billion, GAAP EPS of $1.95, and non-GAAP EPS of $2.98. The company outperformed the midpoint of its guidance, driven by sustained year-over-year revenue growth supported by multiyear secular growth drivers in 5G, IoT connectivity, defense and power.
Ramped shipments to Korea-based smartphone OEM in support of flagship and mass-market smartphone launches.
Supplied Qorvo’s first complete UWB solution in an Android® smartphone, including UWB transceiver and software stack compatible with other Android devices.
Introduced a fully integrated module combining Qorvo’s UWB chipset with Nordic®’s Bluetooth Low Energy solution to address a wide range of industrial and enterprise applications.
Expanded customer sampling of highly integrated main path and secondary transmit solutions for Android 5G smartphones.
Qorvo
Qorvo
Forward Guidance
Qorvo expects sequential growth in the March quarter on smartphone launch timing and stronger IDP volumes. At the midpoint of the March guidance, the company projects full fiscal year revenue growth to exceed 15%, operating margin to expand to over 33%, and earnings per share to grow 25%.
Positive Outlook
- Quarterly revenue of $1.135 billion to $1.165 billion
- Non-GAAP gross margin of approximately 52%
- Non-GAAP diluted earnings per share of $2.94 at the midpoint of guidance