Qorvo’s board also approved a US$1 billion share repurchase program as the company forecasts increased customer demand for its 5G products.
Qorvo (NASDAQ:QRVO), a technology company that works in 5G, mobile and wireless connectivity announced operating margins of 40.1 percent for the quarter. As 5G continues to ramp up, Qorvo’s services are being deployed at a greater scale while the company continues operations stringency, acquisitions and partnerships in Asia. Additionally, the board approved a US$1 billion share repurchase program going forward.
As quoted in the press release:
Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo delivered another solid quarter, as our technology investments, portfolio management, and operational discipline continued to yield strong and consistent performance. We are especially pleased with 5G design activity and the trends we see toward increasing RF integration. During the quarter, we successfully integrated our programmable power management products and technologies into IDP. Following the quarter, we completed the acquisition of Cavendish Kinetics, adding RF MEMS technology and expanding Qorvo’s technology and product leadership.”
Secured new design wins and expanded participation in mass-market tier of leading Korea-based smartphone manufacturer
Selected by top four China-based smartphone OEMs to supply mid-/high-band PAD and other highly integrated solutions for upcoming 5G smartphones
Selected to supply recently launched Wi-Fi 6 front end modules (FEMs) in support of multiple leading China-based smartphone OEMs
Received first purchase orders for next-generation multiplexers featuring Qorvo’s recently launched micro BAW technology
Launched world’s first Wi-Fi 6 dual-band FEM and world’s first Wi-Fi 6 iFEM for CPE applications, expanding Wi-Fi portfolio for retail, enterprise and network operators
Secured design win to supply V2X co-existence 5.9 GHz BAW filter to top-tier automotive OEM for calendar 2020 shipments and shipped Wi-Fi FEMs supporting multiple automotive OEMs