0Qorvo Inc. (NASDAQ:QRVO) saw its shares vault on Q2 results.
The company, out of Greensboro, North Carolina, told investors Friday that, n a GAAP basis, revenue for Qorvo’s fiscal 2020 second quarter was $807 million, gross margin was 40.1%, operating income was $113 million and diluted earnings per share was $0.70. On a non-GAAP basis, gross margin was 46.5%, operating income was $208 million, while diluted earnings per share were $1.52.
CEO Bob Bruggeworth said, "Qorvo delivered another solid quarter, as our technology investments, portfolio management, and operational discipline continued to yield strong and consistent performance. We are especially pleased with 5G design activity and the trends we see toward increasing RF integration."
During the year, the company secured new design wins and expanded participation in mass-market tier of leading Korea-based smartphone manufacturer
It was also selected by top four China-based smartphone OEMs to supply mid-/high-band PAD and other highly integrated solutions for upcoming 5G smartphones
Qorvo was also picked to supply recently launched Wi-Fi 6 front end modules (FEMs) in support of multiple leading China-based smartphone OEMs
QRVO also announced today the authorization of a new $1-billion share repurchase program
Qorvo projects for the December 2019 quarter: quarterly revenue in the range of $840 million to $860 million. Non-GAAP gross margin of approximately 48%. Non-GAAP diluted earnings per share of $1.67 at the midpoint of guidance
QRVO shares hiked $13.77, or 17%, Friday to $94.63
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