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Qorvo® announced financial results for the Company’s fiscal 2024 second quarter ended September 30, 2023.
Quarterly Highlights
- Grew quarterly revenue 70% sequentially and exceeded the mid-point of revenue guidance by $103 million
- Achieved sequential growth in ACG, CSG and HPA operating segments
- Secured broad-based design wins in all end markets, including major UWB wins in a flagship Android smartphone and an in-vehicle car access platform by a leading German automotive tier one
- Significantly reduced Qorvo inventory while improving Android channel inventory
On a GAAP basis, revenue for Qorvo’s fiscal 2024 second quarter was $1.103 billion, gross margin was 44.4%, operating income was $151 million and diluted earnings per share was $0.99. On a non-GAAP basis, gross margin was 47.6%, operating income was $279 million and diluted earnings per share was $2.39.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo delivered significantly improved financial performance in the September quarter supported by content gains at our largest customer. Each of our operating segments is enjoying multiyear technology upgrade cycles that improve performance and enhance functionality, and Qorvo is critical to enabling these capabilities. The Qorvo team continues to operate very well to secure new customer designs and broaden our opportunities in growth markets.”
Financial Commentary and Outlook
Grant Brown, chief financial officer of Qorvo, said, “Qorvo exceeded the high end of our September quarterly guidance for revenue, gross margin and EPS, reflecting content gains at our largest customer and sequential growth in all three operating segments. Looking forward, our December quarterly guidance reflects seasonal patterns, robust content on customer programs and improved channel inventories. We continue to expect year-over-year revenue growth in fiscal 2024.”
Qorvo’s current outlook for the December 2023 quarter is:
- 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
Original – Qorvo
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Qorvo® announced the release of QSPICE™, a new generation of circuit simulation software that provides power and analog designers significantly higher levels of design productivity through improved simulation speed, functionality and reliability.
In addition to advancing the state of the art in analog simulation technology, QSPICE allows designers to simulate complex digital circuits and algorithms. Its unique combination of modern schematic capture and fast mixed-mode simulation make it the ideal tool to solve the increasingly complex hardware and software challenges faced by today’s system designers.
“QSPICE enables an entirely new generation of mixed-mode circuit simulation,” said Jeff Strang, general manager for Qorvo’s Power Management business. “In the past, power designers relied on analog circuits and silicon power switches. Today, digital control and compound semiconductors are common elements of advanced power designs. Whether an engineer is developing AI algorithms for EV battery charging, optimizing a Qorvo pulsed-radar power supply or evaluating the newest silicon carbide FETs, QSPICE is the perfect platform for innovation.”
Qorvo’s QSPICE is available free of charge and offers numerous enhancements over legacy analog modeling tools. These improvements include:
- Complete support for advanced analog and digital system simulations, such as those used in AI and machine-learning applications.
- An upgraded simulation engine that uses advanced numerical methods and is optimized for modern computing hardware, including a GPU-rendered user interface and SSD-aware memory management, to provide dramatically higher speed and accuracy.
- Reduced overall runtimes and a 100% completion rate, based on Qorvo benchmark tests with a suite of challenging test circuits. This compares to a failure rate of up to 15% with these same test circuits using other popular SPICE simulators.
- Availability of a regularly updated QSPICE model library featuring Qorvo’s silicon carbide and advanced power management solutions, making it easy for customers to evaluate and design with Qorvo power.
QSPICE is available now at www.qspice.com and is actively supported by Qorvo as well as a robust user community through Qorvo’s QSPICE forum at forum.qorvo.com.
Original – Qorvo®
