Company Reports

Qorvo reported second-quarter revenue of $785 million, down 4% year over year. Due to its pending merger with Skyworks, Qorvo did not host an earnings conference call, nor did it provide investors with quarterly financial guidance.

Qorvo reported March-quarter revenue of $808 million, down 7% year over year but above the midpoint of guidance of $800 million. Given its pending merger with Skyworks, Qorvo did not host an earnings conference call nor provide investors with forward-looking guidance.

Qorvo reported fiscal third-quarter revenue of $993 million, up 8% year over year and above the midpoint of guidance. Qorvo’s fourth-quarter revenue guidance of $800 million would represent an 8% year-over-year decline and below FactSet's consensus estimates of just above $900 million.

Qorvo reported fiscal second-quarter revenue in line with its preliminary results announced last week as part of its merger announcement with Skyworks Solutions. Qorvo’s guidance for the December quarter was largely in line with FactSet consensus estimates.

Skyworks Solutions and Qorvo have agreed to merge, with Skyworks and Qorvo receiving 63% and 37% of the combined entity, respectively, in a deal expected to close in calendar 2027. Skyworks and Qorvo both preannounced earnings for the September quarter that were each above previous guidance.

Qorvo is a leader in radio frequency chips sold to smartphone makers and infrastructure, aerospace and defense customers. Although the company is one of the few players with the expertise to supply a wide variety of RF products to leading smartphone makers, we don’t yet believe that it has carved out an economic moat.

Qorvo reported fiscal first-quarter revenue that was down 6% sequentially and down 8% year over year but above the high end of guidance. Qorvo expects September-quarter revenue to be down only 2% year over year, up 25% sequentially, and ahead of FactSet consensus estimates.

Qorvo is a leader in radio frequency chips sold to smartphone makers and infrastructure, aerospace and defense customers. Although the company is one of the few players with the expertise to supply a wide variety of RF products to leading smartphone makers, we don’t yet believe that it has carved out an economic moat.

Qorvo is a leader in radio frequency chips sold to smartphone makers and infrastructure and defense customers. Although the company is one of the few players with the expertise to supply a wide variety of RF products to leading smartphone makers, we don’t yet believe that it has carved out an economic moat.

Qorvo expects June-quarter revenue of $775 million, down 13% year over year, but ahead of FactSet consensus estimates. Qorvo also expects greater than 10% content gains within Apple's upcoming launch of iPhone 17 smartphones.

Qorvo reported fiscal third-quarter results and provided an outlook for the December quarter that was modestly ahead of our prior expectations. We’re encouraged by management’s ongoing restructuring and changing product mix toward radio frequency chip content going into premium smartphones while exiting the low-end smartphone market. Management was also upbeat about potential RF content wins with Apple over the next couple of years. Still, we think this turnaround will still take some time to play out. We maintain our $85 fair value estimate for no-moat Qorvo and view shares as fairly valued.

We maintain our fair value estimates for wireless chipmakers under our coverage, given a Bloomberg report that Apple’s long-rumored development of an internal baseband chip, or modem, is imminent. Our fair value estimate for narrow-moat Qualcomm remains at $180, narrow-moat Skyworks Solutions at $95, and no-moat Qorvo at $85.

No-moat Qorvo reported decent second-quarter results, but the bigger story is the firm’s gloomy outlook for the December quarter and the start of calendar 2025. Qorvo appears to have surprisingly lost some radio frequency chip content within Samsung’s upcoming phones and is suffering from a mix shift in Andriod-based smartphones worldwide toward entry-level, rather than mid-tier, devices where Qorvo has less RF content. Qorvo’s business with Apple’s latest iPhone 16 launch also doesn’t appear stellar at the moment.

Qorvo is a leader in radio frequency chips sold to smartphone makers and infrastructure and defense customers. Although the company is one of the few players with the expertise to supply a wide variety of RF products to leading smartphone makers, we don’t yet believe that it has carved out an economic moat.

No-moat Qorvo reported fiscal 2025 first-quarter earnings that beat our estimates and a forecast for the September quarter that aligns with our expectations. We are pleased to see Qorvo maintain its status as a key supplier of radio frequency content for Android companies, as well as Apple, the firm’s largest customer. Despite the strong performance, we maintain our fair value estimate at $128 per share as our long-term outlook remains unchanged.

No-moat Qorvo reported fiscal 2024 fourth-quarter earnings ahead of our expectations but gave a rather bleak outlook for the June quarter. We are encouraged to see Qorvo’s enduring status as a key supplier for the Chinese Android manufacturers and increased defense and aerospace sales. However, Qorvo will face inventory adjustments at its largest customer, Apple, which will weigh on results for the June quarter, in turn leading Qorvo to likely achieve only “modest” growth in fiscal 2025 (ending March 2025). Our long-term outlook remains unchanged, and we keep our fair value estimate at $128 per share. Shares appear undervalued after a roughly 12% selloff after hours.

No-moat Qorvo reported fiscal third-quarter results ahead of our expectations, with a forecast for the March quarter modestly below our expectations. Despite the outlook, we are encouraged by the company’s content within Samsung’s upcoming Galaxy S24 smartphone launch, as well as Qorvo’s position among Android-based smartphone original equipment manufacturers in China. We maintain our $128 fair value estimate and continue to view shares as undervalued.

Qorvo is a leader in radio frequency chips sold to smartphone makers and infrastructure and defense customers. Although the company is one of the few players with the expertise to supply a wide variety of RF products to leading smartphone makers, we don’t yet believe that it has carved out an economic moat.

No-moat Qorvo reported fiscal second-quarter results ahead of our expectations while providing investors with solid guidance for the December quarter and beyond. We’re encouraged by management’s comments that it expects to recover toward its long-term adjusted gross margin target of 50%. We maintain our $128 fair value estimate and continue to view shares as undervalued.

Qorvo reported fiscal first-quarter results which, while dismal, came in ahead of our expectations. More importantly, Qorvo provided investors with a rosy outlook, thanks to upcoming content gains in Apple’s next slate of iPhones. Management also affirmed it is on track to reach its fiscal 2024 targets, including annual growth despite the slow start to the year. We maintain our $128 fair value estimate for no-moat Qorvo and view the shares as slightly undervalued.