QORVO Reports Earnings Results for First Quarter of FY2024

August 16, 2023

🌥️Earnings Overview

QORVO ($NASDAQ:QRVO) reported a total revenue of USD 651.2 million for the first quarter of fiscal year 2024, ending June 30th 2023; this was a 37.1% decrease in comparison to the previous year. Net income for the quarter was USD -43.6 million, indicating a 65.3% drop from the same period the year before (which was 68.9 million).

Price History

On Wednesday, QORVO reported its earnings results for the first quarter of FY2024. QORVO stock opened at $108.4 and closed at $106.1, down by 3.7% from prior closing price of 110.2. Overall, Qorvo delivered encouraging financial performance for the quarter and remained optimistic about its future growth prospects. Live Quote…

About the Company

  • QORVO_Reports_Earnings_Results_for_First_Quarter_of_FY2024″>Industry Classification
  • Key Executives
  • Ownership (Institutional/ Fund Holdings)
  • News Feed
  • Income Snapshot

    Below shows the total revenue, net income and net margin for Qorvo. QORVO_Reports_Earnings_Results_for_First_Quarter_of_FY2024″>More…

    Total Revenues Net Income Net Margin
    3.19k -9.31 -0.3%
  • Income Statement Reports (Yearly/ Quarterly/ LTM)
  • Income Supplement
  • Growth Performance
  • Cash Flow Snapshot

    Below shows the cash from operations, investing and financing for Qorvo. QORVO_Reports_Earnings_Results_for_First_Quarter_of_FY2024″>More…

    Operations Investing Financing
    615.11 -118.46 -612.6
  • Cash Flow Statement (Yearly/ Quarterly/ LTM)
  • Cash Flow Supplement
  • Balance Sheet Snapshot

    Below shows the total assets, liabilities and book value per share for Qorvo. QORVO_Reports_Earnings_Results_for_First_Quarter_of_FY2024″>More…

    Total Assets Total Liabilities Book Value Per Share
    6.69k 2.87k 38.85
  • Balance Sheet (Yearly/ Quarterly)
  • Balance Sheet Supplement
  • Key Ratios Snapshot

    Some of the financial key ratios for Qorvo are shown below. QORVO_Reports_Earnings_Results_for_First_Quarter_of_FY2024″>More…

    3Y Rev Growth 3Y Operating Profit Growth Operating Margin
    -0.7% -58.4% 1.9%
    FCF Margin ROE ROA
    14.4% 1.0% 0.6%
  • Income Statement Ratios
  • Balance Sheet Ratios
  • Cash Flow Ratios
  • Valuation Ratios
  • Other Ratios
  • Other Supplementary Items
  • Analysis

    At GoodWhale, we believe that every investor should have the information they need to make smart decisions. That’s why we provide detailed financial analyses of public companies like QORVO, so that you can make informed decisions about your investments. After thoroughly assessing QORVO’s financials, we can conclude that it is a medium risk investment on both the financial and business aspects. We analyzed the company’s financial statements and were able to identify one risk warning in the balance sheet. To see this risk warning and more of our assessment of QORVO, be sure to register on goodwhale.com. At GoodWhale, we are dedicated to providing investors with the most accurate and up-to-date financial assessments so that you can make smart investments. We look forward to helping you make wise investment decisions with our analysis of QORVO and other public companies. More…

  • Risk Rating Analysis
  • Star Chart Analysis
  • Valuation Analysis

  • Peers

    In the world of semiconductor companies that provide radio frequency products, Qorvo Inc. has stiff competition. Its main competitors are Skyworks Solutions Inc, Broadcom Inc, and Qualcomm Inc. All of these companies are vying for a share of the market in order to provide their customers with the best products possible.

    – Skyworks Solutions Inc ($NASDAQ:SWKS)

    Skyworks Solutions Inc is a semiconductor company that designs, manufactures, and markets radio frequency and mixed signal semiconductor solutions for mobile, base station, satellite communications, WiFi, cable television, and other wireless communications applications. The company has a market cap of 13.87B as of 2022 and a return on equity of 17.47%.

    – Broadcom Inc ($NASDAQ:AVGO)

    Broadcom Inc is a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions. The company’s products enable the delivery of voice, video, data and multimedia content over fixed and mobile networks to homes, businesses and public places. Broadcom’s product portfolio includes switching, routing, security and storage solutions. The company markets its products to enterprises, service providers and consumers worldwide.

    – Qualcomm Inc ($NASDAQ:QCOM)

    Qualcomm Inc is a leading telecommunications company with a market cap of 131.76B as of 2022. The company has a strong focus on research and development and has a return on equity of 65.09%. Qualcomm’s products and services include chipsets, modems, and other technology solutions for the wireless industry. The company has a strong presence in the global market and is a major player in the development of 5G technology.


    Qorvo, Inc. reported its Q1 FY2024 financial results, ending June 30 2023, which revealed a 37.1% decrease in total revenue from the year prior. Net income also decreased significantly by 65.3% to -43.6 million compared to the same period last year. Investors reacted to the news by driving the stock price down the same day. Given the company’s decreased revenue and net income, it is likely not a favorable time to invest in Qorvo at the moment.

    However, investors should look out for any further developments for Qorvo as the year progresses.

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