Qorvo reported fiscal 2025 third quarter GAAP revenue of $916.3 million, a gross margin of 42.7%, and diluted earnings per share of $0.43. On a non-GAAP basis, the company achieved a gross margin of 46.5% and diluted earnings per share of $1.61, exceeding the midpoint of its guidance.
During the quarter, Qorvo successfully supported its largest customer, which represented approximately 50% of sales. However, CEO Bob Bruggeworth stated that sales to this largest customer are currently forecasted to be flat to up modestly for the fiscal year ending March 2026.
The company also announced an expected decline in Android business revenue by approximately $150 million to $200 million in fiscal 2026, with a similar amount in fiscal 2027, primarily affecting its China-based operations. Qorvo is narrowing its Android 5G product focus to higher-value flagship and premium tiers.
For the March 2025 quarter, Qorvo provided an outlook for revenue between $825 million and $875 million, and non-GAAP diluted earnings per share between $0.90 and $1.10. The company also noted that subsequent to the quarter, it divested its silicon carbide business, an action expected to benefit gross margin in fiscal 2026 and 2027.
HPA achieved record Defense & Aerospace quarterly revenue and is expected to continue its strength. Both HPA and CSG segments are projected to deliver double-digit growth in fiscal 2025 and the next fiscal year, as Qorvo executes its growth and diversification strategy.
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