NASDAQ$QRVO
Qorvo Inc. · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Qorvo demonstrated resilience amidst macroeconomic challenges, delivering solid results through strategic investments and expansion into high-growth markets.
Qorvo announced its fiscal year 2023 first quarter results, with revenue of $1.035 billion. The company's GAAP diluted earnings per share was $0.65, while the non-GAAP diluted earnings per share was $2.25. Despite facing macroeconomic headwinds, Qorvo is investing in product and technology leadership and expanding its reach in higher growth end markets.
- Completed MFi certification of interoperability for Qorvo’s ultra-wideband solutions with the Apple U1 chip.
- Commenced shipments of MEMS-based force sensors enhancing industrial design and improving trackpad uniformity and reliability in a recently launched consumer laptop.
- Launched development kit for Matter-enabled gateways and connected devices, streamlining commercial development of smart home applications.
- Secured automotive Wi-Fi 6 design wins for infotainment system at General Motors and validated automotive Wi-Fi 6 placements on reference design for top automotive Wi-Fi chipset supplier.
Headline financials
Revenue & EPS history
Qorvo · Revenue · Quarterly
$1.04B
Forward guidance
Qorvo's current outlook for the September 2022 quarter is: Quarterly revenue of $1.12 billion to $1.15 billion, Non-GAAP gross margin between 49% and 50%, Non-GAAP diluted earnings per share in the range of $2.45 to $2.65
Headwinds
- Incremental weakness in the broader smartphone market
- Reduce factory utilization.
- Unprecedented disruption resulting from measures taken in China to control the COVID-19 pandemic
- Conflict in Ukraine have negatively impacted demand for 5G handsets in China and EMEA within a short period of time.
- Shortfall charges that have been recorded in our cost of goods sold.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+0.0%
Avg return
Earnings day
-1.2%
Avg return
5 days after
+0.9%
Avg return
30 days after
42%
21 / 50 earnings
Positive
+21.8%
Q2 2020
Best reaction
-27.1%
Q2 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | +1.8% | -3.1% | +2.0% | |
| Q3 2026 | -6.8% | +2.1% | +7.4% | |
| Q2 2026 | -6.5% | -8.2% | -4.9% | |
| Q4 2025 | +14.4% | +12.9% | +21.3% | |
| Q3 2025 | +0.3% | -4.8% | -15.3% | |
| Q2 2025 | -27.1% | -28.3% | -31.8% | |
| Q1 2025 | -2.2% | -11.9% | -7.0% | |
| Q4 2024 | -18.1% | -17.7% | -15.8% | |
| Q3 2024 | +5.5% | +7.1% | +19.3% | |
| Q2 2024 | -2.2% | +0.8% | +11.4% | |
| Q1 2024 | -4.0% | -3.2% | -1.6% | |
| Q4 2023 | +0.6% | +0.8% | +4.9% | |
| Q3 2023 | -1.6% | -5.9% | -5.5% | |
| Q2 2023 | -4.4% | +1.8% | +12.3% | |
| Q1 2023 | +5.5% | +3.4% | -12.5% | |
| Q4 2022 | -9.4% | -14.4% | -9.2% | |
| Q3 2022 | -7.4% | -7.5% | -6.7% | |
| Q2 2022 | -10.2% | -7.4% | -12.9% | |
| Q1 2022 | -0.2% | -0.8% | -5.0% | |
| Q4 2021 | +1.2% | -6.0% | +1.3% | |
| Q3 2021 | -6.5% | -4.8% | -4.4% | |
| Q2 2021 | +14.2% | +16.4% | +28.7% | |
| Q1 2021 | +13.5% | +17.6% | +14.0% | |
| Q4 2020 | +4.8% | +2.4% | +17.7% | |
| Q3 2020 | -1.6% | -5.3% | -11.4% | |
| Q2 2020 | +21.8% | +26.9% | +30.5% | |
| Q1 2020 | -3.3% | -4.3% | -2.5% | |
| Q4 2019 | +2.5% | +1.0% | -14.6% | |
| Q3 2019 | -6.0% | -5.0% | -0.1% | |
| Q2 2019 | +10.6% | -2.3% | -7.2% | |
| Q1 2019 | +3.2% | +4.2% | -2.0% | |
| Q4 2018 | +6.9% | +10.9% | +13.9% | |
| Q3 2018 | +17.9% | +6.9% | +14.8% | |
| Q2 2018 | -2.0% | +3.5% | -2.1% | |
| Q1 2018 | -1.7% | +1.1% | +7.6% | |
| Q4 2017 | -1.9% | -3.9% | +15.5% | |
| Q3 2017 | -1.3% | +0.2% | +3.1% | |
| Q2 2017 | -8.9% | -9.1% | -9.8% | |
| Q1 2017 | -13.2% | -13.3% | -9.0% | |
| Q4 2016 | +3.6% | — | — | |
| Q3 2016 | +0.5% | — | — | |
| Q2 2016 | +19.3% | — | — | |
| Q1 2016 | -14.5% | — | — | |
| Q4 2013 | -0.2% | — | — | |
| Q2 2014 | -0.2% | — | — | |
| Q1 2014 | -0.2% | — | — | |
| Q4 2015 | +12.7% | — | — | |
| Q4 2014 | -0.6% | — | — | |
| Q3 2014 | -0.6% | — | — | |
| Q3 2015 | +2.7% | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — |
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