Qorvo (QRVO) Reported Q2 Beat, But Stock Plunges 7% on Worse Than Expected Q3 Guidance

Qorvo® Acquires United Silicon Carbide (UnitedSiC), a Leading Provider of Silicon Carbide Power Semiconductors

GREENSBORO, N.C., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq: QRVO), a leading provider of innovative RF solutions that connect the world, announced today that it has acquired Princeton, New Jersey-based United Silicon Carbide (UnitedSiC), a leading manufacturer of silicon carbide (SiC) power semiconductors. The acquisition of United Silicon Carbide expands Qorvos reach into the fast-growing markets for electric vehicles (EVs), industrial power, circuit protection, renewables and data center power. United Silicon Carbide will become part of Qorvos Infrastructure & Defense Products (IDP) business and will be led by Dr.... More

Qorvo® Announces Appointment of Philip Chesley as President of Infrastructure & Defense Products

GREENSBORO, N.C., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Qorvo® (NASDAQ: QRVO), a leading provider of innovative RF solutions that connect the world, today announced the appointment of Philip Chesley as president of Qorvos Infrastructure & Defense Products segment, effective November 1, 2021. Mr. Chesley will report to Bob Bruggeworth, president and chief executive officer of Qorvo, and he will succeed James Klein, who previously announced his intention to retire from the company.

Bob Bruggeworth said, We are extremely pleased that Philip Chesley is joining Qorvo to head our diverse and growing Infrastructure & Defense Products (IDP)... More

Qorvo® Announces Fiscal 2022 Second Quarter Financial Results

GREENSBORO, N.C., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq: QRVO), a leading provider of innovative RF solutions that connect the world, today announced financial results for the Companys fiscal 2022 second quarter ended October 2, 2021.

On a GAAP basis, revenue for Qorvos fiscal 2022 second quarter was $1.255 billion, gross margin was 49.5%, operating income was $362 million and diluted earnings per share was $2.84. On a non-GAAP basis, gross margin was 52.4%, operating income was $435 million and diluted earnings per share was $3.42.

Bob Bruggeworth, president and chief executive officer of Qorvo, said, Qorvo delivered a strong... More