Qorvo Inc (QRVO) Reports 70% Sequential Growth in Q2 Fiscal 2024
Qorvo Inc (NASDAQ:QRVO) reported a 70% sequential growth in revenue for Q2 Fiscal 2024, exceeding the mid-point of revenue guidance by $103 million.
GAAP revenue for the quarter was $1.103 billion, with a gross margin of 44.4% and diluted earnings per share of $0.99.
On a non-GAAP basis, gross margin was 47.6%, operating income was $279 million, and diluted earnings per share was $2.39.
Qorvo Inc (NASDAQ:QRVO) anticipates a quarterly revenue of approximately $1 billion for the December 2023 quarter.
Qorvo Inc (NASDAQ:QRVO), a leading global provider of connectivity and power solutions, announced its financial results for the fiscal 2024 second quarter ended September 30, 2023, on November 1, 2023. The company reported a significant 70% sequential growth in revenue, exceeding the mid-point of revenue guidance by $103 million.
Financial Highlights
On a GAAP basis, Qorvo's fiscal 2024 second quarter revenue was $1.103 billion, gross margin was 44.4%, operating income was $151 million, and diluted earnings per share was $0.99. On a non-GAAP basis, gross margin was 47.6%, operating income was $279 million, and diluted earnings per share was $2.39.
Bob Bruggeworth, president and chief executive officer of Qorvo, commented on the company's performance, stating,
Qorvo delivered significantly improved financial performance in the September quarter supported by content gains at our largest customer. Each of our operating segments is enjoying multiyear technology upgrade cycles that improve performance and enhance functionality, and Qorvo is critical to enabling these capabilities."
Financial Outlook
Looking forward, Qorvo's current outlook for the December 2023 quarter includes a quarterly revenue of approximately $1 billion, plus or minus $25 million, a non-GAAP gross margin between 43% and 44%, and non-GAAP diluted earnings per share of approximately $1.65 at the midpoint of revenue.
Selected Financial Information
The GAAP results for Q2 Fiscal 2024 showed a revenue of $1,103.5 million, a gross profit of $489.7 million, and a gross margin of 44.4%. The operating income was $151.4 million, and the diluted EPS was $0.99. On the other hand, non-GAAP results for the same period showed a gross profit of $525.2 million, a gross margin of 47.6%, an operating income of $279.4 million, and a diluted EPS of $2.39.
Qorvo's operating segments, including HPA, CSG, and ACG, all showed sequential growth. The ACG segment reported the highest revenue of $850.1 million, a 106.2% sequential increase, and an 8.1% year-over-year increase.
Qorvo will conduct a conference call to discuss the financial results and the press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at the following URL: https://ir.qorvo.com (under Events & Presentations).
Explore the complete 8-K earnings release (here) from Qorvo Inc for further details.
This article first appeared on GuruFocus.
