GREENSBORO, N.C. - Qorvo (NASDAQ:QRVO), a provider of connectivity and power solutions, reported a robust fiscal 2025 first quarter with earnings and revenue surpassing Wall Street expectations.
The company's stock rose 2.9%.
For the quarter ended June 29, 2024, Qorvo posted adjusted earnings per share (EPS) of $0.87, which was $0.16 higher than the analyst consensus of $0.71. Revenue climbed to $886.7 million, a significant increase of 36% year-over-year (YoY) and well above the consensus estimate of $851.95 million. This growth was attributed to the successful integration of Anokiwave, a strategic move that expanded Qorvo's product offerings in silicon beam-forming ICs and IF-RF conversion products.
President and CEO Bob Bruggeworth highlighted the company's achievements, stating, "During the June quarter, we fully integrated Anokiwave into Qorvo, adding silicon beam-forming ICs and IF-RF conversion products. We are investing in technology leadership to broaden our market exposure and drive growth, and we are executing on cost and productivity initiatives to structurally enhance our gross margin."
Looking ahead, Qorvo anticipates a positive trend to continue into the second quarter of fiscal 2025. The company's guidance for Q2 revenue is approximately $1.025 billion, plus or minus $25 million, aligning with the consensus estimate. Adjusted EPS is forecasted to be between $1.75 and $1.95, with the midpoint of $1.85 slightly above the analyst consensus of $1.84.
CFO Grant Brown expressed confidence in the company's direction, "Qorvo exceeded the mid-point of June quarterly guidance for revenue, gross margin, and EPS. For the September quarter, we expect sequential increases in revenue, gross margin, and EPS. We are leveraging internal factories which are critical differentiators for each of our operating segments, while outsourcing to our robust foundry and OSAT partner network where we benefit from their scale and R&D investments."
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