President & Chief Executive Officer at Qorvo
Thanks Doug, and welcome, everyone, to our call. Qorvo delivered fiscal fourth quarter results above the midpoint of our outlook we provided on February 2nd earnings call.
Demand drivers were broad-based across end markets, including 5G, IoT connectivity, defense, and power. Both Mobile Products and IDP grew year-over-year and sequentially. In Mobile Products, revenue was diversified across customers and supported by content and integration trends. Of note, Qorvo more than doubled revenue year-over-year at Samsung with growth across multiple product categories. We also expect content gains as the year progresses across on Honor smartphone portfolio with opportunities spanning multiple products and technologies.
In IDP, revenue was broad-based across markets and included our newly added high-voltage silicon carbide solutions. We were pleased to see IDP return to year-over-year growth, driven by infrastructure, power management, and other markets. IDP enjoys an increasing number of long-term drivers in growth markets, including automotive connectivity and electrification, defense radar and comms, power management, comms infrastructure, and others.
Now, let's look at some of the quarterly highlights. In Mobile Products, we increased shipments to Samsung for mass tier and flagship 5G smartphone programs. Qorvo products included RF Fusion, WiFi 6E FEMs, antenna control solutions, and RF power management ICs. We were recognized by Honor as their only core strategic supplier in the RF category, and we received the first production orders for our next-generation RF Fusion solutions. At multiple China-based smartphone OEMs, we secured design wins covering a range of products, including complete main path and secondary transmit solutions supporting multiple basebands.
In ultra-wideband, we were selected by an existing ultra-wideband customer to supply our first system in a package, or SIP, for multiple upcoming smartphone models. Our ultra-wideband SIP strengthens our product portfolio and offers customers a complete solution that integrates our SoC, RF front-end and software. Qorvo's ultra-wideband offerings received a higher percentage of FCC certifications last year than competing solutions, and design activity this year has been robust. In automotive sensors, we received a design win to supply MEMS-based touch sensor solutions for smart interiors at one of the largest US based automotive OEMs.
Moving to IDP. In power devices, we continue to see strong design-in activity as silicon carbide technology expands across multiple markets. During the quarter, we received a multimillion dollar order for a new silicon carbide power device solution for circuit protection and EV charging stations. In power management ICs, we achieved another quarter of sequential and year-over-year revenue growth, driven by solid state drives and motor control solutions for power tools. In automotive connectivity, we received our first design win for a highly integrated V2X FEM, enhancing performance and extending range in the short thin application for a leading European based automotive OEM.
In infrastructure, the business returned to year-over-year growth and we secure design wins from multiple leading OEMs for massive MIMO small signal applications supporting C-band deployments in the US. In Wi-Fi, we sampled our first wall-based Wi-Fi 6E filter, reducing form factors for CPE tri-band mesh networks. We also began ramping the industry's first enterprise wideband FEM covering both Wi-Fi 6 and 6E for enterprise CPE customers. This new FEM enables configurability in RF chain management, increasing capacity and maximizing throughput. In low-power connectivity markets, we secured design wins for a multi-protocol, low-power wireless SoC, integrating BLE, Zigbee and Thread. These wins enable remote control applications for our leading Korea-based TV OEM and leading US based MSO.
In support of the matter connectivity protocol, we expanded customer engagements with retail and service providers to integrate matter into Wi-Fi gateways. Matter is an open and universal smarthome protocol expected to simplify and accelerate the adoption of seamless and reliable wireless connectivity. In both mobile and IDP, Qorvo's markets are supported by multiple long-term secular trends related to connectivity, electrification, sustainability and our increasingly digital lives. The Qorvo team continues to do a fantastic job supporting customers, while adjusting the challenges related to the war in Ukraine, supply constraints and COVID lockdowns in China.
While challenges persist, they are temporary in nature and not structural. Qorvo remains laser focused on the opportunities ahead, introducing new technologies, launching best-in-class products, entering new markets and expanding our customer engagements. As an example, take Samsung, where we had previously been underrepresented and where we -- where the combined opportunity extends for years. Of note, our customer diversification in mobile is unmatched and affords Qorvo an expanding set of opportunities as 5G continues to grow.
Adding to that, an increasing percentage of Qorvo's revenue exposure is to higher growth end markets. These include IoT connectivity, power management, power conversion, and defense, all of which are forecast to grow long term in the double-digits. So, while we navigate these challenges, our current views suggest June is the bottom with sequential growth in revenue resuming in September. I'm proud of how the team is staying focused, advancing technology and supporting our growth.
With that, I'll now turn it over to Grant Brown, who I'm pleased has accepted the role of Interim CFO. Grant has been with Qorvo for many years, most recently as Treasurer. Before that, Grant led our tax and FP&A departments as well as other management roles. He has been a key contributor to Qorvo's growth and he has extensive knowledge of our business. I am confident, Grant, the finance and IT teams will continue to execute on Qorvo's ongoing financial and strategic priorities.
And with that, I'm glad to hand it over to Grant.