secwatch.observer — SEC 8-K summary
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Issuer:     Qorvo, Inc. (QRVO)
CIK:        0001604778
Form:       8-K
Filed at:   2022-11-02T23:59:59+00:00
Accession:  0001604778-22-000060
Event type: earnings
Sentiment:  negative
Materiality: 0.90
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1604778/000160477822000060/0001604778-22-000060-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1604778/000160477822000060/rfmd-20221102.htm
  HTML page:      https://secwatch.observer/filing/0001604778-22-000060

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer