Sector: Technology|Industry: Semiconductors|Market Cap: $6.82B|Employees: 9K
Qorvo, Inc. engages in development and commercialization of technologies and products for wireless, wired, and power markets worldwide. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for defense and aerospace, and 5G and 6G infrastructure markets. The CSG segment supplies connectivity and sensor solutions featuring various technologies, such as UWB, Matter, Bluetooth Low Energy, Zigbee, Thread, Wi-Fi, cellular IoT, and MEMS-based sensors. It serves smart home, industrial automation, automotive, smartphones, wearables, gaming, and industrial and enterprise access points markets. The ACG segment supplies cellular RF solutions for smartphones, wearables, laptops, tablets, and various other devices. It also offers foundry services for defense primes and other defense and aerospace customers. The company sells its products directly to original equipment manufacturers and original design manufacturers, as well as through a network of sales representative firms and distributors. Qorvo, Inc. was founded in 1957 and is headquartered in Greensboro, North Carolina.
Qorvo reported a 44.5% increase in revenue YoY, reaching $1,073.861 million, primarily due to content gains at their largest end customer and increased demand for advanced cellular products in mass market smartphones. This indicates a strong recovery and growth in key segments.
Gross margin remained flat at 36.1% for the third quarter of fiscal 2024 as compared to the third quarter of fiscal 2023, primarily due to improved factory utilization and lower inventory charges, offset by a termination fee related to a long-term capacity reservation agreement and average selling price erosion.
The company reported an operating loss of $41.6 million for the third quarter of fiscal 2024, compared to an operating income of $8.7 million for the third quarter of fiscal 2023. This was primarily due to a goodwill impairment charge, despite higher revenue.