GREENSBORO, N.C., Oct. 15, 2024 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq: QRVO), a leading global provider of connectivity and power solutions, will host a conference call to review fiscal 2025 second quarter financial results on Tuesday, October 29, 2024, at 5:00 p.m. (ET). The conference call will be webcast live on the Company's Investor Relations website at the following URL: https://ir.qorvo.com (under "Events & Presentations"). A telephone playback of the conference call will be available approximately two ...

Qorvo, Inc. (QRVO, Financial) saw a notable drop in its stock price, falling by 1.99% to $99.97 per share. The trading volume reached 348,362 shares, with a turnover rate of 0.37% and a price fluctuation range of 1.27%. The recent earnings report showed Qorvo generated $887 million in revenue but had a net profit of only $414,000, leading to a zero per-share earnings and a gross profit of $332 million. The company's price-toearnings ratio is notably low at -363.18. In terms of analyst ratings, out of 28 fir ...

Qorvo, Inc. (QRVO) recently introduced QPG6200L, an advanced system-on-chip solution, designed to deliver uninterrupted and consistent connectivity for smart home devices. The company has made available the sample and development kits for selected clients, with full-scale production expected to commence early next year. In today's rapidly growing and ever-evolving smart home environment, customers often tend to install devices that follow distinct wireless protocols such as Matter or Zigbee. Hence, there is ...

The Zacks Semiconductors - Radio Frequency industry participants are suffering from a challenging demand environment, primarily attributed to a suspension in capital spending by telecom carriers. Industry participants are suffering from a rise in commodity prices, persistent inflation and heightened global macroeconomic uncertainties. Nevertheless, players like Skyworks (SWKS) and Qorvo (QRVO) are benefiting from continued higher spending on the deployment of 5G networking and the rapid proliferation of the ...

Qorvo, Inc. (NASDAQ:QRVO) Goldman Sachs Communacopia + Technology Conference September 10, 2024 7:25 PM ET Company Participants Grant Brown - Senior Vice President and Chief Financial Officer Philip Chesley - Senior Vice President and President of the high performance Analog business Conference Call Participants Toshiya Hari - Goldman Sachs Toshiya Hari All right, we'd like to get started. Good afternoon, everyone. Thank you so much for coming. My name is Toshiya Hari. I cover the semiconductor space at Gol ...

Core Viewpoint - The rise in sales of AI-enabled smartphones is expected to positively impact Qorvo, a chip supplier, as the smartphone market begins to recover from previous declines [1][2]. Group 1: Market Performance - The smartphone market contracted by 11% in 2022 and experienced a further decline of 3.2% in 2023, leading to stagnant share prices for Qorvo over the past couple of years [2]. - Qorvo's fiscal 2025 first-quarter results showed a revenue increase of 36% year over year, reaching $887 million, with non-GAAP earnings rising to $0.87 per share from $0.34 per share [4]. Group 2: Customer Dynamics - Apple is Qorvo's largest customer, contributing 46% of its revenue last year, while Samsung accounted for 12% [5]. - Samsung's Galaxy S24 devices dominated the generative AI smartphone market in Q1 2024, holding over 58% market share, which has positively influenced Qorvo's growth [6]. Group 3: Future Growth Opportunities - Apple's upcoming AI-capable iPhone models are anticipated to boost Qorvo's revenue, as the company is investing in programs to increase its content in Apple's products [8]. - Analysts predict a significant growth in generative AI smartphone shipments, with an expected annual growth rate of 78% through 2028 [7]. Group 4: Financial Projections - Analysts have raised revenue expectations for Qorvo, with estimates for the current fiscal year at $4.666 billion and $4.267 billion for the next fiscal year [10]. - Qorvo is trading at a forward P/E ratio of 16.4, which is lower than the Nasdaq-100 index's forward P/E of 28, suggesting potential for stock price appreciation [11]. Group 5: Investment Potential - If Qorvo achieves earnings of $10.17 per share in the coming years and maintains a P/E of 16.4, its stock price could reach $167, indicating a potential 54% increase from current levels [12].

Upcoming Releases Cogent Communications Holdings, Inc. (CCOI) is scheduled to release second-quarter 2024 earnings on Aug 8. The Zacks Consensus Estimate for earnings is pegged at a loss of $1.02 per share, suggesting a decline of 684.6% from the year-ago reported figure. Akamai Technologies, Inc. (AKAM) is slated to release second-quarter 2024 earnings on Aug 8. The Zacks Consensus Estimate for earnings is pegged at $1.54 per share, indicating growth of 3.4% from the year-ago reported figure. Akamai has a ...

Financial Data and Key Metrics - Revenue for the quarter was $887 million, a decrease of 6% sequentially but an increase of 36% year-over-year [12] - Non-GAAP diluted EPS was $0.87, above the high end of the guidance range due to higher revenue and gross margin, offset by slightly higher operating expenses [13] - Cash and equivalents stood at $1.1 billion, with long-term debt of approximately $1.5 billion as of quarter-end [13] - Operating cash flow was $81 million, with capital expenditures of $38 million, resulting in free cash flow of $43 million [14] - Net inventory balance increased by $16 million sequentially to $727 million, primarily due to WIP and raw materials supporting the seasonal ramp at the largest customer [28] Business Line Data and Key Metrics - The company launched three new highly integrated RF multichip modules for X-band, S-band, and L-band advanced radar applications, which integrate filters, switches, and amplifiers to simplify design and improve performance [8] - In the Android ecosystem, Qorvo remains the primary RF supplier, collaborating with OEMs on product roadmaps and positioning for growth as 4G devices transition to 5G [10] - The company expanded its Ultra-Wideband wins in the Android ecosystem, including a mid-tier smartphone, Motorola's Moto X50 Ultra, which features Qorvo's Ultra-Wideband SoC [11] - In the automotive market, Qorvo is expanding opportunities in EVs, including solid-state circuit breakers using silicon carbide solutions [6] - The company secured new engagements for force-sensing touch sensors, primarily for laptop trackpads and other consumer applications [7] Market Data and Key Metrics - In the defense and aerospace market, Qorvo secured design wins across segments, including AESA radars, large defense programs, and SATCOM deployments [90] - For infrastructure markets, the company launched a single-chip inverse cable equalizer for DOCSIS 4.0 field installations, simplifying operations for cable operators [91] - In the consumer market, Qorvo secured a new engagement to supply a switch-mode DC-to-DC charger for a wearable accessory for an Android OEM [89] - The company is seeing increasing demand for AC-to-DC high-density server power supplies in industrial and enterprise markets [23] Company Strategy and Industry Competition - Qorvo is investing in R&D for future programs, including products currently supplied to customers and new products not yet in the portfolio [10] - The company is leveraging its BAW and LRT SAW processes to ramp multiple new products, including a highly integrated mid-high band pad for an Android OEM [25] - Qorvo is transitioning from mechanical to semiconductor-based electrical systems, particularly in solid-state circuit breakers for residential, commercial, and industrial applications [9] - The company is focusing on expanding its Ultra-Wideband and Matter technologies for smart home and office applications, including door locks, smart lighting, and indoor navigation [21] Management Commentary on Operating Environment and Future Outlook - Management highlighted the trend of transitioning from mechanical to active electronic scanning systems in defense and aerospace markets, driven by increasing system-level functionality and size constraints [22] - The company is optimistic about the adoption of Ultra-Wideband in China for automotive applications, including presence detection and kick sensors [50] - Qorvo expects Android 5G unit volumes to grow by more than 10% in calendar 2024, with content drivers in 5G Advanced including additional transmit paths and non-terrestrial network connectivity [93] - The company is confident in its ability to grow with its largest customer, particularly as AI and 5G trends accelerate, driving higher RF content [68] Other Important Information - Qorvo completed the migration to 8-inch BAW wafers, with BAW lines now exclusively running on 8-inch wafers [95] - The company repurchased $125 million of stock at $101 per share during the quarter, as part of its capital allocation strategy [101] - Qorvo expects revenue of approximately $1.025 billion for the current quarter, with non-GAAP gross margin between 46% and 47% and non-GAAP diluted EPS between $1.75 and $1.95 [102] Q&A Session Summary Question: Impact of AI smartphones on demand - Management is taking a conservative approach regarding AI smartphones, noting that while Samsung's S24 had a nice ramp, it was not significantly above expectations [37] - The company is not modeling an uplift from AI smartphones at this time but would welcome a reduction in replacement cycle time if AI proves useful [37] Question: Utilization rates and high-cost Android inventory - Qorvo expects a substantial sequential increase in gross margin in the September quarter, driven by product mix and higher utilization rates [39] - Underutilization headwinds are expected to decrease to around 100 basis points in the September quarter and become negligible in the back half of the year [39] Question: China mobile market trends - The company is seeing low single-digit year-over-year growth in China's mobile market, with the 6/18 holiday showing slight improvement [53] - Ultra-Wideband adoption in China is accelerating, particularly in automotive applications like presence detection and kick sensors [50] Question: Revenue decline in the September quarter - The slight year-over-year decline in revenue is primarily related to smartphone revenues, with assumptions in the guide contemplating total smartphone market dynamics [56] - The company is on the other side of strong ramps for key models like the S24 and Pixel, with new design wins expected to ramp later in the year [57] Question: New product developments - Qorvo is tiering its low, mid, high band pad for different product segments in the Android ecosystem, with ramps expected in the December and March quarters [58] - The company is also seeing strong performance from its mid-high band pad, which integrates diversity receive functions [58] Question: Internal production vs. external foundries - The company differentiates between internal production for technologies like BAW and external sourcing for silicon and SOI, leveraging partner scale and R&D investments [65] - In the defense market, internal assembly capability is a key differentiator [66] Question: Content growth in 5G Advanced - Qorvo sees significant opportunities in 5G Advanced, including additional transmit paths and non-terrestrial network connectivity, with AI trends potentially accelerating adoption [68] Question: Mobile content growth at the largest customer - The company is confident in its ability to grow content and gain share at its largest customer, with new products like the low, mid, high band pad expected to ramp in the coming quarters [76]

The reported revenue compares to the Zacks Consensus Estimate of $851.14 million, representing a surprise of +4.18%. The company delivered an EPS surprise of +22.54%, with the consensus EPS estimate being $0.71. Here is how Qorvo performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Shares of Qorvo have returned +4% over the past month versus the Zacks S&P 500 composite's +0.1% change. The stock currently has a Zacks Rank #3 (Hold), indic ...

Company Performance - Qorvo reported quarterly earnings of $0.87 per share, exceeding the Zacks Consensus Estimate of $0.71 per share, and showing significant growth from $0.34 per share a year ago [2] - The company achieved revenues of $886.67 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 4.18%, compared to $651.16 million in the same quarter last year [3] - Qorvo has outperformed consensus EPS and revenue estimates for four consecutive quarters [1][3] Stock Performance - Qorvo shares have increased approximately 8.8% since the beginning of the year, while the S&P 500 has gained 14.5% [4] - The current consensus EPS estimate for the upcoming quarter is $1.80 on revenues of $1.02 billion, and for the current fiscal year, it is $6.11 on revenues of $3.9 billion [6] Industry Outlook - The Semiconductors - Radio Frequency industry, to which Qorvo belongs, is currently ranked in the top 8% of over 250 Zacks industries, indicating a strong industry performance [13] - The company's Zacks Rank is currently 3 (Hold), suggesting that shares are expected to perform in line with the market in the near future [12]