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
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% |
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 |
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 |
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% |
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…
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.
Summary
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.
