Qorvo quarterly revenue down 45.7% year-on-year while channel inventory consumed

What happened

Qorvo reported fiscal 2023 revenue of $3.57B, a 23.2% year-on-year decline, with quarterly revenue down 45.7%. The company noted significant consumption of channel inventory, indicating weak end-market demand, particularly from major customers Apple (37% of sales) and Samsung (12%). Bearish: The sharp revenue drop and inventory drawdown signal persistent demand weakness for RF components, pressuring pricing and warranting a cautious stance on related component supply.

Impact and signal

Affected components and suppliers

Source and time

Source: Semiconductor Today · 5/15/2023 · View original source