Page 1

EX - 99.1 2 earningsrelease20210102.htm EX - 99.1 Qorvo News Release FOR IMMEDIATE RELEASE Qorvo® Announces Fiscal 2021 Third Quarter Financial Results _ - GREENSBORO , NC — February 3 , 2021 - Qorvo® ( Nasdaq : QRVO ) , a leading provider of innovative RF solutions that connect the world , today announced financial results for the Company's fiscal 2021 third quarter , ended January 2 , 2021 . On a GAAP basis , revenue for Qorvo's fiscal 2021 third quarter was $ 1.1 billion , gross margin was 49.1 % , operating income was $ 299 million and diluted earnings per share was $ 1.74 . On a non - GAAP basis , gross margin was 54.4 % , operating income was $ 401 million and diluted earnings per share was $ 3.08 . Bob Bruggeworth , president and chief executive officer of Qorvo , said , “ Qorvo delivered an exceptional quarter helping our customers keep the world connected through the deployment of 5G , the roll - out of Wi - Fi 6 and 6E , and emerging technologies like precision location ultra - wideband . We are sustaining technology leadership in these markets and innovating in new ones including biotechnologies . In January , the National Institutes of Health selected Qorvo for its program to add COVID - 19 testing capacity . " Strategic Highlights • Expanded shipments of complete main path solutions ( LB , MHB and UHB ) across leading 5G basebands and secured wins to supply next - generation complete main path solutions in 2021 AndroidⓇ smartphones Commenced shipments of first MHB dual - connectivity modules ( DCMs ) to the leading Android OEM , leveraging Qorvo's high - performance BAW filtering in the diversity path for receive and transmit Launched next - generation BAW process increasing bandwidth and reducing insertion loss in UHB and Wi - Fi 6E applications Began production shipments of Wi - Fi 6E solutions to top - tier Android customers , supporting increased capacity and lower latency in a range of smartphones and other mobile devices • Increased UWB customer engagements in smartphones and a broadening range of consumer applications , including tracker tags , smart speakers , smart TVs and other smart home appliances • • • Selected by the National Institutes of Health ( NIH ) for its Rapid Acceleration of Diagnostics initiative ( RADXSM ) to add COVID - 19 antigen testing capacity , utilizing Qorvo's Omnia ™ test platform , enabled by Qorvo's high - frequency BAW Secured design wins with multiple base station OEMs to support U.S. 5G C - band deployments and received Best Comprehensive Performance Award from ZTE for support of their 2020 5G roll - out Achieved strong growth in defense business , driven by domestic airborne radar and communications applications and GaN products for international radar programs