Qorvo Updates Financial Guidance for Fiscal 2021 Second Quarter

GREENSBORO, N.C., Sept. 08, 2020 (GLOBE NEWSWIRE) -- Qorvo (Nasdaq: QRVO), a leading provider of innovative RF solutions that connect the world, today announced that it is updating the financial guidance provided for the company’s fiscal 2021 second quarter in its earnings release and conference call on July 29, 2020. 

During the September quarter, broad-based mobile demand for Qorvo’s advanced 4G and 5G mobile products is exceeding the company’s original expectations.  Qorvo is providing revised non-GAAP expectations for revenue, gross margin and diluted earnings per share for the company’s fiscal 2021 second quarter, along with the prior guidance, in the table below. 

	Updated	Prior
Revenue	Range of $1 billion to $1.03 billion	Range of $925 million to $955 million
Gross margin	Approximately 50%	Approximately 50%
Diluted earnings per share	$2.14 at the midpoint of guidance	$1.90 at the midpoint of guidance

Qorvo is presenting today at Citi’s 2020 Global Technology Virtual Conference at 5:10 p.m. ET.  A live webcast of the virtual event will be available on the company's web site at the following URL: http://www.qorvo.com (under "Investors").  Qorvo plans to announce financial results for its fiscal 2021 second quarter on or about November 4, 2020. 

Qorvo’s actual quarterly results may differ from the expectations and projections shown above, and such differences may be material.

About Qorvo
Qorvo (Nasdaq: QRVO) makes a better world possible by providing innovative Radio Frequency (RF) solutions at the center of connectivity.  We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges.  Qorvo serves diverse high-growth segments of large global markets, including advanced wireless devices, wired and wireless networks and defense radar and communications.  We also leverage unique competitive strengths to advance 5G networks, cloud computing, the Internet of Things, and other emerging applications that expand the global framework interconnecting people, places and things.  Visit www.qorvo.com to learn how Qorvo connects the world.