Qorvo Q2 FY2023 EPS beat, but Q3 guidance weak: revenue $700-750M, EPS $0.50-0.75; $2B buyback authorized

Qorvo, Inc.

2023-Q2 EPS reported $2.46 revenue$2,193,415,000

Q2 FY2023 revenue $1.158B, GAAP EPS $1.82, non-GAAP EPS $2.66; revenue down 7.7% YoY, non-GAAP EPS down 22%.
Q3 guidance sharply lower: revenue $700-750M, non-GAAP gross margin 43-44%, non-GAAP EPS $0.50-0.75.
Board authorized $2B share repurchase program, replacing prior program; no fixed term or minimum repurchase requirement.
Management cites weakening end-market demand and inventory correction at Android smartphone customers as key headwinds.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Qorvo, Inc. reported the Company’s fiscal 2023 second quarter ended October 1, 2022 results: revenue $1.158 billion, net income $188.6, EPS $1.82. Guidance initiated.

Period: the Company’s fiscal 2023 second quarter ended October 1, 2022
Revenue: $1.158 billion
Net income: $188.6
EPS: $1.82
Guidance: initiated
Result: reported results

Exact text from the filing

today announced financial results for the Company’s fiscal 2023 second quarter ended October 1, 2022. On a GAAP basis, revenue for Qorvo’s fiscal 2023 second quarter was $1.158 billion, gross margin was 46.5%, operating income was $262 million and diluted earnings per share was $1.82. On a non-GAAP basis, gross margin was 49.2%, operating income was $338

View on SEC.gov

Browse all earnings releases →

Qorvo, Inc. filing history →

Source: SEC EDGAR

accession 0001604778-22-000060

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.