Qorvo Announces $2 Billion Share Repurchase Program
November 02 2022 - 4:03PM
Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and
power solutions, today announced that its Board of Directors has
authorized the repurchase of up to $2 billion of the Company’s
outstanding common stock. The new repurchase program includes the
remaining authorized dollar amount under the prior program which
was terminated concurrent with the new authorization.
Under the share repurchase program, share repurchases will be
made in accordance with applicable securities laws on the open
market or in privately negotiated transactions. The extent to which
the Company repurchases its shares, the number of shares and the
timing of any repurchases will depend on general market conditions,
regulatory requirements, alternative investment opportunities and
other considerations. The program does not require the Company to
repurchase a minimum number of shares and does not have a fixed
term, and it may be modified, suspended or terminated at any time
without prior notice.
About Qorvo
Qorvo (Nasdaq:QRVO) supplies innovative semiconductor
solutions that make a better world possible. 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 consumer electronics,
smart home/IoT, automotive, EVs, battery-powered appliances,
network infrastructure, healthcare and aerospace/defense.
Visit www.qorvo.com to learn how our diverse and
innovative team is helping connect, protect and power our
planet.
Qorvo is a registered trademark of Qorvo, Inc. in
the U.S. and in other countries. All other trademarks are the
property of their respective owners.
This press release includes "forward-looking
statements" within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to,
statements about our plans, objectives, representations and
contentions, and are not historical facts and typically are
identified by use of terms such as "may," "will," "should,"
"could," "expect," "plan," "anticipate," "believe," "estimate,"
"predict," "potential," "continue" and similar words, although some
forward-looking statements are expressed differently. You should be
aware that the forward-looking statements included herein represent
management's current judgment and expectations, but our actual
results, events and performance could differ materially from those
expressed or implied by forward-looking statements. We do not
intend to update any of these forward-looking statements or
publicly announce the results of any revisions to these
forward-looking statements, other than as is required under U.S.
federal securities laws. Our business is subject to numerous risks
and uncertainties, including those relating to fluctuations in our
operating results; our substantial dependence on developing new
products and achieving design wins; our dependence on several large
customers for a substantial portion of our revenue; continued
volatility and uncertainty in customer demand, worldwide economies
and financial markets resulting from the impact of the COVID-19
pandemic, conflict in Ukraine or other macroeconomic factors; a
loss of revenue if defense and aerospace contracts are canceled or
delayed; our dependence on third parties; risks related to sales
through distributors; risks associated with the operation of our
manufacturing facilities; business disruptions; poor manufacturing
yields; increased inventory risks and costs, including under
long-term supply agreements, due to timing of customers’ forecasts;
our inability to effectively manage or maintain evolving
relationships with chipset suppliers; our ability to continue to
innovate in a very competitive industry; underutilization of
manufacturing facilities; unfavorable changes in interest rates,
pricing of certain precious metals, utility rates and foreign
currency exchange rates; our acquisitions and other strategic
investments failing to achieve financial or strategic objectives;
our ability to attract, retain and motivate key employees; warranty
claims, product recalls and product liability; changes in our
effective tax rate; changes in the favorable tax status of certain
of our subsidiaries; enactment of international or domestic tax
legislation, or changes in regulatory guidance; risks associated
with environmental, health and safety regulations, and climate
change; risks from international sales and operations; economic
regulation in China; changes in government trade policies,
including imposition of tariffs and export restrictions; we may not
be able to generate sufficient cash to service all of our debt;
restrictions imposed by the agreements governing our debt; our
reliance on our intellectual property portfolio; claims of
infringement of third-party intellectual property rights; security
breaches and other similar disruptions compromising our
information; theft, loss or misuse of personal data by or about our
employees, customers or third parties; provisions in our governing
documents and Delaware law may discourage takeovers and business
combinations that our stockholders might consider to be in their
best interests; and volatility in the price of our common stock.
These and other risks and uncertainties, which are described in
more detail under "Risk Factors" in Part I, Item 1A. of our Annual
Report on Form 10-K for the year ended April 2, 2022 and Qorvo's
subsequent reports and statements filed with the Securities and
Exchange Commission, could cause actual results and developments to
be materially different from those expressed or implied by any of
these forward-looking statements.
At Qorvo®Doug DeLietoVP, Investor
Relations1-336-678-7968
Qorvo (NASDAQ:QRVO)
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