Qorvo Shares Rise Nearly 3% Following Q1 Earnings and Revenue Beat

Qorvo Reports Strong Q1 Fiscal 2025 Earnings, Surpassing Expectations

GREENSBORO, N.C. – Qorvo, a provider of connectivity and power solutions, delivered impressive results for the first quarter of fiscal 2025, with earnings and revenue exceeding Wall Street forecasts.

The company’s stock saw a 2.9% increase following the announcement.

For the quarter ending June 29, 2024, Qorvo reported adjusted earnings per share (EPS) of $0.87, exceeding the analyst consensus of $0.71 by $0.16. Revenue reached $886.7 million, which is a notable 36% increase compared to the previous year and significantly above the consensus estimate of $851.95 million. This growth is largely credited to the successful integration of Anokiwave, enhancing Qorvo’s capabilities in silicon beam-forming integrated circuits (ICs) and RF conversion products.

President and CEO Bob Bruggeworth emphasized the company’s progress, stating, "During the June quarter, we fully integrated Anokiwave into Qorvo, expanding our offerings in silicon beam-forming ICs and IF-RF conversion products. We are committed to investing in technology leadership to widen our market reach and drive growth, alongside implementing cost and productivity initiatives to structurally improve our gross margin."

Looking forward, Qorvo is optimistic about continued positive momentum into the second quarter of fiscal 2025. The company projects Q2 revenue to be around $1.025 billion, with a margin of plus or minus $25 million, consistent with market expectations. Adjusted EPS for the next quarter is expected to be in the range of $1.75 to $1.95, with a midpoint of $1.85 slightly above the analyst average of $1.84.

CFO Grant Brown expressed confidence in the company’s trajectory, noting, "Qorvo surpassed the midpoint of our June quarterly guidance for revenue, gross margin, and EPS. For the September quarter, we anticipate sequential growth in revenue, gross margin, and EPS. We are maximizing the use of our internal factories, which are critical differentiators across our operating segments, while also leveraging our strong partnerships with foundry and OSAT providers for their scale and R&D investments."