Qorvo (QRVO) PT Lowered to $80 at Ascendiant Capital Amid Lower Guidance

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Go back to Qorvo (QRVO) PT Lowered to $80 at Ascendiant Capital Amid Lower Guidance

Qorvo Reports Fiscal 2016 First Quarter Results

July 29, 2015 4:00 PM EDT

GREENSBORO, N.C., and HILLSBORO, Ore., July 29, 2015 (GLOBE NEWSWIRE) --

Quarterly Financial Highlights

GAAP quarterly revenue grew 6% sequentially to $673.6 million On a GAAP basis, gross margin was 41.5%, operating loss was ($1.3) million, and EPS was $0.01 Non-GAAP gross margin expanded to 51.5%, reflecting favorable product mix and synergies Non-GAAP operating income increased by 11% sequentially to $187.8 million, or 27.9% of revenue Non-GAAP EPS was $1.09 Qorvo repurchased approximately 602,000 shares of common stock at an average price of $83.10

Strategic Highlights

Increased GaN revenue 30% year-over-year, led by strength in... More