Qorvo and Skyworks to merge in ~$22B deal; Qorvo preliminary Q2 revenue $1.06B beats guidance

Qorvo, Inc.

Definitive agreement to combine with Skyworks (SWKS) in cash-and-stock transaction valued at ~$22B enterprise value.
Preliminary FQ2 revenue $1,058.5M vs guidance midpoint $1,025M; non-GAAP EPS $2.22 vs guidance $2.00 midpoint.
GAAP net income $119.6M ($1.28 diluted EPS); non-GAAP net income $208.3M ($2.22 diluted EPS).
Non-GAAP gross margin 49.7%, within prior guidance of 48%-50%.
Joint conference call today at 8:00 AM ET to discuss merger; final Q2 results to be reported Nov 3.

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