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.
Revenue decreased by 14.7% YoY, driven by a shift among smartphone customers to lower RF content 5G smartphones and a higher percentage of mass market Android smartphones. This indicates a challenge in maintaining revenue in a changing market landscape.
Gross margin increased to 42.7% compared to 36.1% in the prior year, despite the revenue decline. This improvement is attributed to a favorable business mix, suggesting a shift towards higher-margin products or services.
Operating income was $53.0 million compared to an operating loss of $41.6 million in the prior year. This improvement is likely due to the improved gross margin and cost-cutting measures.