Overview

* Qorvo ( QRVO ) fiscal Q1 revenue $818.8 mln, beating analyst expectations, per LSEG data

* Adjusted EPS for fiscal Q1 $0.92, exceeding consensus, per LSEG data

* Company expects sequential growth with Q2 revenue guidance around $1.025 bln

Outlook

* Qorvo ( QRVO ) projects Q2 revenue around $1.025 bln, +/- $50 mln

* Company expects Q2 non-GAAP gross margin of 48% to 50%

* Qorvo ( QRVO ) forecasts Q2 non-GAAP EPS of $2.00, +/- $0.25

* Company sees sequential growth supported by large customer programs

Result Drivers

* BROAD DEMAND - CFO Grant Brown attributes fiscal Q1 revenue and non-GAAP EPS exceeding guidance to broad-based demand

* STRATEGIC ACTIONS - Bob Bruggeworth notes initiatives to enhance profitability are showing positive effects

* MARGIN IMPROVEMENT - Non-GAAP gross margin improved year-over-year, reflecting successful cost management

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q1 Beat $818.80 $775.60

Revenue mln mln (20

Analysts

)

Q1 Beat $0.92 $0.6 (21

Adjusted Analysts

EPS )

Q1 EPS $0.27

Q1 44.0%

Adjusted

Gross

Margin

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 18 "hold" and 3 "sell" or "strong sell"

* The average consensus recommendation for the semiconductors peer group is "buy."

* Wall Street's median 12-month price target for Qorvo Inc ( QRVO ) is $85.00, about 0.8% above its July 28 closing price of $84.32

* The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 13 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)