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Qorvo Inc. (QRVO-1.28%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing reports a decrease in revenue to $916.3 million for the third quarter of fiscal 2025, down from $1,073.9 million in the same period of the previous year. This decline is attributed to a shift in smartphone customer preferences towards lower RF content 5G smartphones.
Gross margin increased to 42.7% from 36.1% in the previous year, aided by favorable business mix and the absence of prior year charges related to a capacity reservation agreement.
Operating income for the quarter was $53.0 million, compared to an operating loss of $41.6 million in the same quarter of the previous year. This change was driven by improved gross margin and reduced operating expenses.
Net income for the quarter was $41.3 million, resulting in earnings per diluted share of $0.43, compared to a net loss of $126.9 million and a loss per share of $1.31 in the prior year.
Qorvo reported cash provided by operating activities of $214.1 million for the quarter, a decrease from $492.9 million in the prior year. Capital expenditures were $37.8 million, up from $26.4 million.
The company repaid the remaining principal balance of $412.5 million on its 1.750% senior notes due 2024 with cash on hand.
Qorvo recorded $68.1 million in restructuring-related charges, primarily due to initiatives aimed at optimizing its manufacturing footprint and reducing operating expenses.
The filing also details Qorvo's segment performance, with the High Performance Analog segment reporting revenue of $171.7 million, Connectivity and Sensors Group at $109.6 million, and Advanced Cellular Group at $635.1 million.
Qorvo continues to focus on its strategic initiatives, including the divestiture of its silicon carbide power device business, which was completed in January 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Qorvo Inc. quarterly 10-Q report dated January 29, 2025. To report an error, please email earnings@qz.com.