Is Qorvo (QRVO) an Evolving Opportunity?

Core Insights - ClearBridge Investments reported a strong rebound in U.S. equities during Q2 2025, with the S&P 500 Index returning 10.9% and the Russell 3000 Index advancing 11.0% as risk-on sentiment emerged following a pause in tariff implementation [1] Company Analysis - Qorvo, Inc. (NASDAQ:QRVO) was highlighted in the ClearBridge Select Strategy investor letter, with a one-month return of -1.55% and a 52-week loss of 12.15%, closing at $87.67 per share with a market capitalization of $8.12 billion as of September 17, 2025 [2] - ClearBridge exited its position in Monolithic Power Systems, reallocating funds into Qorvo and Lattice Semiconductor, viewing Qorvo as an evolving opportunity despite recent challenges due to disappointing iPhone sales and poor capital allocation decisions by current management [3] - Qorvo reported revenue of $819 million for its fiscal Q1 2026, with a non-GAAP gross margin of 44% and non-GAAP diluted earnings of $0.92 per share, all exceeding expectations [4]