Qorvo (QRVO) topped consensus estimates on both revenue and earnings for the third quarter of 2019. Despite the beat, the stock was down 3% in aftermarket hours on Thursday.
Total revenue in the third quarter dropped by 1.5% to $832.3 million from last year.
On a GAAP basis, the company reported net income of $69.5 million, or $0.55 per share, compared to a net loss of $33.1 million, or $0.26 per share, in the prior-year period. Adjusted net income was $234.1 million or $1.85 per share.
During the quarter, Qorvo increased shipments of 5G massive MIMO infrastructure solutions to multiple OEMs and secured additional design wins across all anticipated 5G frequency bands, from sub-6GHz to millimeter wave.
The company also started commercial shipments of cellular IoT system-in-package modules for LTE CAT-M and NB-IoT applications in collaboration with Nordic Semiconductor.
For the fourth quarter of 2019, the company expects revenue to range between $660 million and $680 million. Diluted EPS is expected to be $1.05 at the midpoint of guidance. Gross margin is expected to be approx. 47%.
Also see: Qorvo Q3 2019 Earnings Conference Call Transcript
Mark Murphy, CFO of Qorvo, said, “Qorvo’s March quarterly guidance reflects weakness in the broader smartphone market, partially offset by content gains with the leading Korea-based smartphone manufacturer and double-digit, year-over-year growth in IDP. Looking forward, our expanding growth opportunities in IDP, sharp focus on high-value programs in Mobile Products and actions to improve our cost structure are expected to drive another year of record earnings and free cash flow in fiscal ‘20.”
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