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Apr 01, 2023
Qorvo Q4 2023 Earnings Report
Qorvo's financial performance declined due to weakness in end markets, but design win activity and channel inventory reduction showed promise for future growth.
Key Takeaways
Qorvo reported Q4 fiscal 2023 results with revenue of $633 million and a GAAP loss per share of $1.39. Non-GAAP EPS was $0.26. The company is reducing Android channel inventory and anticipates sequential revenue growth in the coming quarters.
Qorvo is operating well and investing in technology and product leadership.
Seeing increasing strength in customer design activity across businesses.
Expect improved financial performance supported by content gains in large customer programs.
Outperformed the midpoint of revenue guidance while reducing channel inventory of components in the Android ecosystem by approximately 25%.
Qorvo
Qorvo
Forward Guidance
Qorvo expects quarterly revenue of $620 million to $660 million, non-GAAP gross margin of approximately 41.5%, and non-GAAP diluted earnings per share of approximately $0.15 for the June 2023 quarter.