May. 8 at 6:20 PM
$QRVO Buy
Earnings Overview
* U.S. semiconductor supplier's fiscal Q4 revenue saw a ?slight beat of
analyst expectations
* Adjusted EPS ?for fiscal Q4 beat analyst expectations
* Company ?repurchased
$400 mln of shares, reducing common stock
by about 5%
Outlook
* Qorvo expects full-year fiscal 2027 non-GAAP gross margin above
50%
* Company expects fiscal 2027 non-GAAP diluted EPS approaching
$7.00
* Qorvo has discontinued providing forward-looking guidance due to
pending Skyworks transaction
Result Drivers
* GROSS MARGIN EXPANSION expanded by 670 basis points y-o-y,
reflecting operational improvements and business mix optimization
* SEGMENT PERFORMANCE - HPA segment revenue & operating
income increased year-over-year, while ACG and CSG segments
declined
* OPERATING EXPENSE REDUCTION - Non-GAAP operating expenses
decreased y-o-y, supporting improved profitability.
