Shares of Qorvo (NASDAQ:QRVO) were tanking following the release of its Q3 earnings report showing an EPS beat, and forward guidance for Q4.
The company reported, on a GAAP basis, a quarterly gross margin of 49.2% with operating income at $296 million. Management highlighted the sustained year-over-year revenue growth due to multiyear secular growth drivers in addressable markets, with some notable recent strategic milestones including:
- Supplied Qorvo’s first complete UWB solution in an Android smartphone
- Introduced fully integrated module combined Nordic’s Bluetooth Low Energy solution with Qorvo’s UWB chipset for industrial and enterprise applications
- Secured design wins to supply on-board chargers and DC-DC converters ins support of leading automotive OEMs in Europe and Asia
“Qorvo is operating well and expanding the markets we serve while investing to extend product and technology leadership across our portfolio”, said Qorvo President and CEO Bob Bruggeworth. In particular, the CEO sees continued revenue expansion due to, “growth drivers in 5G, IoT connectivity, defense, and power”.
Qorvo Inc. represents the combined entity of RF Micro Devices and TriQuint Semiconductor, which merged with one another in January 2015. The company specializes in radio frequency filters, power amplifiers, and front-end modules used in many of the world’s most advanced smartphones.
At the time of publication, shares of Qorvo were trading 5.26% lower during after hours at $136.00. The stock has a 52-week low of $123.92 and a 52-week high of $201.68.
