Qorvo, Inc. provides technologies and radio frequency (RF) solutions for mobile, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers RF front end modules that combine high-performance filters, power amplifiers (PA), low noise amplifiers and switches, PA modules, transmit modules, antenna control solutions, antenna switch modules, diversity receive modules, and envelope tracking power management devices. This segment supplies its RF solutions into mobile devices, including smartphones, notebook computers, wearables, tablets, and cellular-based applications for the Internet of things. The IDP segment provides high power gallium arsenide, gallium nitride power amplifiers, low noise amplifiers, switches, radio frequency filter solutions, CMOS system-on-a-chip solutions, fixed frequency and voltage-controlled oscillators, filters, attenuators, modulators, driver and transimpedance amplifiers, and various multichip and hybrid assemblies. This segment supplies its RF solutions to wireless network infrastructure, defense, and aerospace markets; and connectivity applications for commercial, consumer, industrial, and automotive markets. The company sells its products directly to customers, as well as through a network of domestic and foreign sales representative firms and distributors to original equipment manufacturers and original design manufacturers. Qorvo, Inc. is headquartered in Greensboro, North Carolina.
Earnings out, stock selling. Qorvo Inc. QRVO reported third-quarter fiscal 2017 non-GAAP earnings of $1.22 per share (including stock-based compensation), which beat the Zacks Consensus Estimate by 16 cents. Earnings (excluding stock-based compensation) were $1.35 per share, which surged 31.1% from the year-ago quarter and was in line with the top end of the company’s guided range of $1.15–$1.35 per share. However, shares plunged more than 10% in after-hour trading attributable to disappointing fourth-quarter guidance. Qorvo’s revenues and earnings are forecasted to decline sequentially due to delayed flagship smartphone launches from two leading customers in China and a Tier 1 customer in Korea.