For the quarter ended December 2024, Qorvo (QRVO) reported revenue of $916.32 million, down 14.7% over the same period last year. EPS came in at $1.61, compared to $2.10 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $901.32 million, representing a surprise of +1.66%. The company delivered an EPS surprise of +34.17%, with the consensus EPS estimate being $1.20.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how ...

Qorvo (QRVO) came out with quarterly earnings of $1.61 per share, beating the Zacks Consensus Estimate of $1.20 per share. This compares to earnings of $2.10 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 34.17%. A quarter ago, it was expected that this chipmaker would post earnings of $1.85 per share when it actually produced earnings of $1.88, delivering a surprise of 1.62%.Over the last four quarters, the company has surpa ...

Financial Performance - Qorvo's fiscal 2025 Q3 revenue was $916.3 million, a decrease of 12.4% sequentially and 14.7% year-over-year[7]. - Non-GAAP gross margin for Q3 was 46.5%, compared to 47.0% in Q2 and 43.8% in Q3 of the previous year[9]. - Operating income for Q3 was $53.0 million, a significant increase of 446.4% sequentially and 227.4% year-over-year[11]. - The company expects Q4 revenue to be approximately $850 million, with a non-GAAP gross margin between 43% and 44%[4]. - Qorvo reported revenue of $916.3 million for the three months ended December 28, 2024, a decrease from $1,073.9 million for the same period last year, representing a decline of approximately 14.6%[37]. - The company achieved an operating income of $53.0 million for the three months ended December 28, 2024, compared to an operating loss of $41.6 million in the same period last year[37]. - Net income for the three months ended December 28, 2024, was $41.3 million, a significant improvement from a net loss of $126.9 million in the prior year[37]. - Basic net income per share was $0.44 for the three months ended December 28, 2024, compared to a loss of $1.31 per share in the same period last year[37]. - Non-GAAP diluted earnings per share for Q3 was $1.61, down from $2.10 in Q3 of the previous year[9]. - GAAP net income for Q3 2024 was $41,271,000, compared to a loss of $126,938,000 in Q3 2023[38]. Cost Management - Operating expenses decreased to $338.4 million in Q3, down from $435.6 million in Q2 and $429.4 million in Q3 of the previous year[7]. - Total costs and expenses decreased to $863.3 million for the three months ended December 28, 2024, down from $1,115.4 million in the same period last year, a reduction of about 22.6%[37]. - Research and development expenses increased to $179.1 million for the three months ended December 28, 2024, up from $164.3 million in the prior year, reflecting a growth of approximately 9.5%[37]. - Research and development expenses on a GAAP basis were $179,126,000 in Q3 2024, up from $164,329,000 in Q3 2023[42]. Customer and Market Insights - Qorvo's largest customer accounted for approximately 50% of sales during the December quarter[2]. - The HPA segment achieved record Defense & Aerospace quarterly revenue, with a 44.4% year-over-year increase[11]. - Qorvo anticipates double-digit growth in HPA and CSG segments for fiscal 2025 and the following fiscal year[2]. Cash Flow and Financial Health - Free cash flow for Q3 2024 was $176.3 million, reflecting net cash provided by operating activities of $214.1 million after $37.8 million in capital expenditures[40]. - Free cash flow is defined as net cash provided by operating activities minus property and equipment expenditures, which is used as an indicator of liquidity and financial strength[23]. - The company emphasizes the importance of free cash flow as a supplemental financial measure to assess its ability to service debt and make strategic investments[23]. - Current liabilities decreased to $807,861,000 from $1,230,087,000 in March 2024, indicating improved liquidity[44]. Future Outlook - Qorvo's forward-looking statements indicate expectations for future performance, but actual results may differ due to various risks and uncertainties[34]. - The company divested its silicon carbide business, which is expected to support a high-40% gross margin in strong quarters of fiscal 2026[3]. Operational Efficiency - Non-GAAP operating income margin for Q3 2024 was 19.4%, reflecting operational efficiency improvements[40]. - Non-GAAP gross profit margin improved to 46.5% in Q3 2024, compared to 43.8% in Q3 2023[40]. - Goodwill impairment charges were eliminated in Q3 2024, compared to $173,414,000 in Q3 2023[38].

GREENSBORO, N.C., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2025 third quarter ended December 28, 2024. On a GAAP basis, revenue for Qorvo’s fiscal 2025 third quarter was $916.3 million, gross margin was 42.7%, operating income was $53.0 million, and diluted earnings per share was $0.43. On a non-GAAP basis, gross margin was 46.5%, operating income was $177.9 million, and d ...

Business: Qorvo is a global supplier of semiconductor solutions. The company operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG) and Advanced Cellular Group (ACG). The HPA segment is a global supplier of radio frequency (RF), analog mixed signal and power management solutions. The CSG segment is a global supplier of connectivity and sensor solutions. The ACG segment is a global supplier of cellular RF solutions for smartphones, wearables, laptops, tablets and ...

Qorvo, Inc. (QRVO) is set to report third-quarter fiscal 2025 results on Jan. 28, after the closing bell. In the last reported quarter, the company delivered an earnings surprise of 1.62%. It pulled off a trailing four-quarter earnings surprise of 16.58% on average.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The leading provider of radio frequency solutions is expected to witness revenue decline year over year in the impending quarter owing to weakness in the Advance Cellular Gr ...

Wall Street analysts expect Qorvo (QRVO) to post quarterly earnings of $1.20 per share in its upcoming report, which indicates a year-over-year decline of 42.9%. Revenues are expected to be $901.32 million, down 16.1% from the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before a company announces its earnings, it is essent ...

Morgan Stanley analyst Joseph Moore upgraded Qorvo, Inc. QRVO to Overweight from Equal-Weight, raising the price forecast to $106 from $90.Moore notes that he has seen value in Qorvo stock and attempted to capture it through upgrades, but the results have been only modest.The analyst also highlighted challenges in the radio frequency space, particularly with pressure on the Chinese business, which increases concentration in other areas.Per Moore, while the radio frequency market served by high-performance c ...

Qorvo (QRVO) shares ended the last trading session 14.4% higher at $84.21. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 7% gain over the past four weeks.Qorvo is well-positioned to win some of the industry's highest growth opportunities by leveraging its diversified product portfolio, systems-level expertise, R&D and manufacturing scale and internal assembly and test capabilities. The company’s automotive-qualif ...

Stock Performance and Activist Investor Impact - Qorvo's shares rallied 13 4% on Friday as of 1 55 p m ET driven by news of an activist investor taking a sizable stake in the company [1] - The stock had declined approximately 29% over the past year prior to this rally [1] - Activist investing firm Starboard Value Partners acquired a 7 29 million share stake in Qorvo representing 7 7% of the company's total shares outstanding and valued at around $500 million [2] Company Overview and Market Segments - Qorvo specializes in radio frequency chips for smartphones and tablets with its largest customer Apple accounting for over one-third of its revenue [3] - The company operates in three segments advanced cellular connectivity and sensors (CSG) and high performance analog (HPA) [3] - CSG serves consumer and Industrial Internet of Things markets while HPA focuses on aerospace defense and cellular infrastructure markets [3] - Qorvo also provides in-house foundry services to U S government defense and aerospace customers [3] Industry Challenges and Recent Performance - Qorvo's stock decline over the past year was attributed to weak smartphone sales as Chinese consumers shifted to lower-cost Android phones amid economic challenges [4] - The company also faced a severe downturn in the industrial chips market [4] Activist Investor Track Record - Starboard Value Partners has a history of successful investments in semiconductor companies including Nvidia Marvell Technology and On Semiconductor [5] - Starboard played a role in appointing CEOs at Marvell and On Semiconductor both of whom remain in their positions and have driven significant stock price increases [5] Potential Strategic Changes - Starboard's involvement in Qorvo could lead to strategic shifts or leadership changes similar to its past interventions in other semiconductor companies [6] - While Qorvo is not as well-positioned as some other chip companies Starboard's track record suggests potential for a turnaround [6]