Q3 2025 Qorvo Inc Earnings Call Transcript

Jan 28, 2025 / 09:30PM GMT

Release Date Price: $85.78 (-2.11%)

Transcript 10-Q8-K

Key Points

Positve

Qorvo Inc (QRVO) reported favorable results relative to guidance with revenue of $916 million and non-GAAP diluted EPS of $1.61 per share.
The company is seeing strong growth in its Defense and Aerospace segment, with December being a record revenue quarter.
Qorvo Inc (QRVO) is experiencing sequential strength in industrial and enterprise markets, particularly with ultra-wideband and Wi-Fi 7 technologies.
The company is focusing on high-margin opportunities by exiting lower-margin mass-tier Android 5G programs.
Qorvo Inc (QRVO) is implementing strategic initiatives to expand margins, generate strong free cash flow, and increase shareholder value.

Negative

Qorvo Inc (QRVO) expects Android 5G revenue to decline by $150 million to $200 million annually in fiscal '26 and '27, primarily impacting China and mid-tier Samsung.
The company anticipates a single-digit decline in ACG revenue for fiscal '26.
Qorvo Inc (QRVO) is facing market headwinds in consumer markets, with sequential revenue declines.
The company is undergoing a significant workforce reduction, primarily targeting its mass market Android business.
Qorvo Inc (QRVO) expects its non-GAAP tax rate to increase significantly from approximately 11% to between 18% and 19% in fiscal '26.

Operator

Good day and welcome to the Qorvo third-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

I would now like to turn the conference over to Mr Douglas Delieto, Vice President in Investor Relations. Please go ahead, sir.

Doug Delieto

Qorvo Inc - Vice President of Investor Relations

Thanks very much. Hello everyone and welcome to Qorvo's fiscal 2025 third-quarter earnings call. This call will include forward-looking statements that involve risk factors that could cause our actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statement contained in the earnings release published today, as well as the risk factors associated with our business in our annual report on form 10-K filed with the SEC because these risk factors may affect our operations and financial results.

In today's release and on today's call, we provide both GAAP and non-GAAP financial results. We provide this supplemental information to enable investors to

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