Core Insights - Qorvo, Inc. is a leading provider of connectivity and power solutions, known for its innovative products across automotive, consumer electronics, and telecommunications sectors [1] - The company is actively competing in the semiconductor industry, focusing on strategic growth and technological advancements [1] Financial Performance - For Q3 2026, Qorvo reported a revenue of $993 million on a GAAP basis, with a gross margin of 46.7% [3][6] - Non-GAAP figures showed a gross margin of 49.1%, operating income of $247.6 million, and diluted earnings per share of $2.17 [3][6] - The operating income on a GAAP basis was $192.1 million, with diluted earnings per share at $1.75 [3] Market Position - Qorvo's market capitalization is approximately $7.36 billion, with a trading volume of 2,106,374 shares on NASDAQ [5][6] - The stock has fluctuated between a 52-week high of $106.30 and a low of $49.46 [5][6] Customer and Segment Performance - Revenue growth in the December quarter was driven by strong performance from the largest customer, with all operating segments showing year-over-year growth [4] - Significant contributions to revenue came from automotive components, consumer and enterprise Wi-Fi, and power management sectors [4] Price Target and Stock Performance - Morgan Stanley set a new price target for Qorvo at $84, indicating a potential increase of approximately 6.86% from the current stock price of $79.67 [2][6] - The stock has experienced a decrease of 3.14, or -3.79%, from its previous price [2]

Core Viewpoint - Qorvo has expanded its Board of Directors from nine to ten members, nominating Peter Feld as a new director, following constructive engagement with Starboard Value [1][2] Group 1: Board Changes - The Board has resolved to recommend that stockholders vote in favor of all director nominees, including Peter Feld, at the 2025 Annual Meeting [2] - Starboard Value has agreed to rescind its nomination notice in light of Qorvo's decision to nominate Mr. Feld [2] Group 2: Leadership Insights - Bob Bruggeworth, President and CEO of Qorvo, stated that Peter Feld shares the goal of driving value for shareholders and will bring valuable technology industry knowledge to the Board [3] - Peter Feld expressed his enthusiasm for the nomination and his commitment to collaborating with the Board and management to enhance long-term shareholder value [3] Group 3: Background of Peter Feld - Peter A. Feld has been with Starboard Value LP since April 2011 and has extensive experience serving on technology company boards, focusing on creating shareholder value [4] - His previous roles include managing director and head of research at Ramius LLC and analyst in the Technology Investment Banking group at Banc of America Securities LLC [4] Group 4: Company Overview - Qorvo is a leading provider of semiconductor solutions, addressing complex technical challenges across various high-growth market segments, including automotive, consumer, and defense [5] - The company emphasizes its innovative product portfolio and strong industry position as key drivers for growth and profitability [5] Group 5: About Starboard Value LP - Starboard Value LP is an investment adviser focused on investing in undervalued companies and engaging with management to unlock shareholder value [7]