Qorvo’s Manufacturing Problems Weigh On Earnings; Maintain $52 FVE
The big takeaway from Qorvo’s fiscal second-quarter earnings report was misexecution and lower factory yields that led to depressed gross margins as the firm incurred additional costs to fulfill its supplier commitments into a large customer, most likely Apple’s iPhone. Meanwhile, Qorvo was close to its long-term adjusted gross margin target of 50% a couple of quarters ago, but it may take a few more quarters for the company to get back to such levels. Qorvo reported strong fiscal second-quarter...Qorvo is a holding company. Through its subsidiaries, the company designs, develops, manufactures and markets its products to U.S. and international original equipment manufacturers and original design manufacturers in two operating segments: Mobile Products, which is a supplier of cellular radio frequency (RF) and Wi-Fi solutions for mobile devices, including smartphones, wearables, laptops, tablets and cellular-based applications for the Internet of Things (IoT); and Infrastructure and Defense Products, which is a supplier of RF and system-on-a-chip solutions for cellular base stations and other wireless communications infrastructure, defense, smart home, automotive and other IoT applications.
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