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Dec 30, 2023
Qorvo Q3 2024 Earnings Report
Qorvo experienced strong growth and exceeded revenue guidance, driven by incremental improvements in the Android ecosystem and effective inventory management.
Key Takeaways
Qorvo reported a strong fiscal Q3 2024, exceeding revenue guidance by $49 million with a 44% year-over-year increase. The company saw improvements in the Android ecosystem and expects year-over-year revenue growth across all operating segments in the March quarter. Qorvo also generated record cash flow from operations and free cash flow during the quarter.
Grew quarterly revenue 44% year-over-year, exceeding the high-point of revenue guidance by $49 million.
Channel inventories were reduced, aligning Qorvo shipments more closely with end market demand.
Incremental improvement was observed in end market demand within the Android ecosystem.
Signed definitive agreement to acquire Anokiwave.
Qorvo
Qorvo
Forward Guidance
Qorvo anticipates for the March 2024 quarter revenue of approximately $925 million, plus or minus $25 million. Non-GAAP gross margin is expected to be approximately 42%. Non-GAAP diluted earnings per share are projected to be approximately $1.20 at the midpoint of revenue.