RF Micro Devices

{{Plain image with caption|File:RF Micro Devices logo older.svg|First logo, used from 1991 until the mid-2000s}}

The company was founded in 1991 in Greensboro, North Carolina by William J. Pratt, Powell T. Seymour and Jerry D. Neal, all of whom were former employees of Analog Devices.{{cite web | url = http://www.answers.com/topic/rf-micro-devices-inc | title = RF Micro Devices. Gale Directory of Company Histories. The Gale Group, Inc, 2006. | publisher = Answers.com | access-date = 2014-05-29}} From the beginning, it was focused on designing RFIC products for the commercial wireless market.

In 1992 RFMD licensed GaAs HBT (gallium arsenide heterojunction bipolar transistor) technology from space and defense contractor TRW Inc. From 1993 until RFMD built its own semiconductor fabrication plant in 1998, it used TRW as a contract manufacturer while TRW acquired a 10% ownership interest in the company. GaAs HBT emerged as a leading technology for high-performance RF applications, such as power amplifiers and small signal devices used in cellular handsets.

RFMD initially supplied ICs for Qualcomm's digital cell phones, and by 1998 had gained Samsung, Nokia, and LG as customers, as production continued to increase. At the end of fiscal year 1997, the company had 133 employees and revenues of $29 million.

The IPO of the company on the NASDAQ stock market occurred on June 3, 1997 under the symbol RFMD.{{cite news | url = http://www.nasdaq.com/markets/ipos/company/rf-micro-devices-inc-7692-8437 | title = RF MICRO DEVICES INC (RFMD) IPO - Company IPO Overview | publisher = NASDAQ | access-date = 2014-05-29}} At the time of the IPO, the company was a pioneer and leader in the use GaAs HBT process technology for commercial wireless applications, which had benefits in power efficiency, linearity, complexity and size, while also having expertise in older GaAs MESFET and silicon polar transistor process technology.

To strengthen its position in silicon-based products, RFMD entered into an agreement with IBM to use its Blue Logic silicon process technology, and in 1999 gained access to IBM's silicon germanium foundry services.

After construction of the company's own fabrication facilities was completed in 1998, its revenues for fiscal year 1999 ending March 27 more than tripled to $153 million, with net income of $20 million. RFMD's stock price increased to a high of about $95 in March 1999, and the stock split several times. Following a supply agreement with Nokia, at the time the world's largest cell phone maker, sales to Nokia consisted of 59% of the company's revenue in fiscal year 2000.

Nokia continued to be RFMD's largest customer for several years until 2011.{{cite web | url = https://www.sec.gov/Archives/edgar/data/911160/000095012311055640/g26464e10vk.htm | title = Form 10-K | publisher = U.S. Securities and Exchange Commission | date = 2011-06-01 | access-date = 2014-05-28}}{{cite web | url = https://www.sec.gov/Archives/edgar/data/911160/000119312512248279/0001193125-12-248279-index.htm | title = Form 10-K | publisher = U.S. Securities and Exchange Commission | date = 2012-05-25 | access-date = 2014-05-28}}

On March 3, 2000, the closing price of RFMD's stock reached its highest level of $175 ($87.5 adjusted for subsequent stock splits),{{cite web | url = https://finance.yahoo.com/q/hp?s=RFMD | title = RFMD historical prices | publisher = Yahoo! Finance | access-date = 2014-05-29}} representing a market capitalization of approximately US$15 billion, based on 86 million shares outstanding.{{cite web | url = https://www.sec.gov/Archives/edgar/data/911160/000095014400001612/0000950144-00-001612.txt | title = Form 10-Q | publisher = U.S. Securities and Exchange Commission | date = 2000-02-08 | access-date = 2014-05-29}} RFMD was a member of the NASDAQ-100 index from 1999 to 2003.{{cite web | url = http://www.nasdaq.com/indexshares/historical_data.stm | title = Historical Data - NASDAQ-100 Index | publisher = NASDAQ | access-date = 2014-05-29}} After reaching its peak during the tech bubble, the stock price declined substantially and remained below $10 until 2014.

In 2002, RFMD announced Polaris (Polaris Total Radio transceiver), a three IC solution aimed at GSM/GPRS/EDGE mobile phone architectures.{{cite web | url = http://www.eetimes.com/document.asp?doc_id=1204936 | title = RFMD VLIF transceiver chipset targets GSM/EDGE/GPRS handset designs | date = 2002-02-11 | access-date = 2014-05-29}} By adding transceiver technology, the company sought to increase its content in GSM/GPRS/EDGE handsets.{{cite web | url = http://www.compoundsemiconductor.net/csc/detail-news/id/6898/name/RFMD-introduces-Polaris-Total-Radio-transceiver-for-GSM/GPRS/EDGE-application.html | title = RFMD introduces Polaris Total Radio transceiver for GSM/GPRS/EDGE applications | publisher = Compound Semiconductor | date = 2002-02-11 | access-date = 2014-05-28}}

Polaris chipsets were designed into handsets from Motorola and significantly contributed to revenue growth by 2005.{{cite web | url = http://www.compoundsemiconductor.net/csc/detail-news/id/24065/name/RFMD-busts-sales-record-on-Polaris-succes.html | title = RFMD busts sales record on Polaris success | publisher = Compound Semiconductor | date = 2006-01-25 | access-date = 2014-05-29}} RFMD started high-volume shipments of Polaris 3 (a fully integrated quad-band EDGE RF front-end) to Nokia in the 2007.{{cite web | url = http://www.semiconductor-today.com/news_items/NEWS_2007/OCT_07/RFMD_231007.htm | title = RFMD's 21% sequential growth driven by Polaris 3 shipments to Nokia and Motorola recovery | publisher = Semiconductor Today | date = 2007-10-23 | access-date = 2014-05-29}}

However, as Motorola handset sales weakened in 2007, and a strategic shift towards a single-chip baseband/transceivers and away from RFMD's Polaris transceivers was evident at customers such as Motorola,{{cite web | url = http://compoundsemiconductor.net/csc/detail-news/id/27633/name/Plunging-handset-sales-hit-Motorola-market-shar.html | title = Plunging handset sales hit Motorola market share | publisher = Compound Semiconductor | date = 2007-04-19 | access-date = 2014-05-29}} RFMD's Polaris business began to see challenges.

In May 2008, after significantly reduced expectations for transceiver revenue at RFMD's largest POLARIS 2 customer, RFMD announced that it would eliminate all product development expenses related to wireless systems, including cellular transceivers and GPS, although it would continue to support current products.{{cite web | url = http://www.prnewswire.com/news-releases/rfmdr-announces-fiscal-2008-fourth-quarter-results-57165597.html | title = RFMD(R) Announces Fiscal 2008 Fourth Quarter Results | publisher = PR Newswire | date = 2008-05-06 | access-date = 2014-05-29}} In June 2008, it announced that its Polaris solutions, including the most recent Polaris 3 which was still ramping up, continued to be designed into new handsets, and said that its Polaris 2 had shipped 100 million units. It expected sales of its Polaris RF solutions to continue until calendar year 2011.{{cite web | url = http://ir.rfmd.com/releasedetail.cfm?ReleaseID=393670 | title = RF Micro Devices(R) Commences Volume Shipments of POLARIS(R) to Multiple Leading Handset Manufacturers | publisher = RFMD | date = 2008-07-10 | access-date = 2014-05-29}}

In 2001, RFMD started operation of an assembly and test facility in Beijing, China.{{cite web | url = http://www.edn.com/electronics-news/4336668/RF-Micro-Opens-China-Facility | title = RF Micro Opens China Facility | publisher = EDN network | date = 2002-09-21 | access-date = 2014-05-30}} The facility was expanded several times.{{cite web | url = http://ir.rfmd.com/releasedetail.cfm?ReleaseID=393779 | title = RFMD(R) Expands Capabilities in Beijing Facility | publisher = RFMD | date = 2007-07-17 | access-date = 2014-05-29}}{{cite web | url = http://globenewswire.com/news-release/2013/09/23/575051/10049373/en/RFMD-R-Expands-Assembly-Capacity-to-Accommodate-Strong-Product-Demand.html | title = RFMD(R) Expands Assembly Capacity to Accommodate Strong Product Demand | publisher = GlobeNewswire | date = 2013-09-23 | access-date = 2014-05-29}} In 2008 RFMD transferred all testing of high-volume cellular products to the facility.{{cite web | url = http://www.prnewswire.com/news-releases/rf-micro-devices-announces-production-test-facility-consolidation-57441427.html | title = RF Micro Devices Announces Production Test Facility Consolidation | publisher = PR Newswire | date = 2008-04-16 | access-date = 2014-05-29}}

RFMD has been a pioneer in developing GaN (gallium nitride)-based products for military and commercial applications. Since 2004, the company has been awarded GaN R&D contracts from the U.S. government.{{cite web | url = http://www.efytimes.com/e1/fullnews.asp?edid=41798 | title = RF Micro Devices Gets $3.2 Million In R&D Contracts | publisher = EFY Times | date = 2010-02-24 | access-date = 2014-05-29}} In 2013, it introduced products targeting Cable TV infrastructure.{{cite web | url = http://ir.rfmd.com/releasedetail.cfm?ReleaseID=798363 | title = RFMD(R) Unveils First 1.2 GHz Power Doubler Amplifier Supporting New DOCSIS 3.1 Cable Specification | publisher = RFMD | date = 2013-10-18 | access-date = 2014-05-29}} In 2014, it announced contracts relating to military{{cite web | url = http://ir.rfmd.com/releasedetail.cfm?ReleaseID=835225 | title = RFMD Awarded $9.7M Air Force Contract to Produce Millimeter Wave GaN Integrated Circuits | publisher = RFMD | date = 2014-03-25 | access-date = 2014-05-29}} and power grid applications.{{cite web | url = http://ir.rfmd.com/releasedetail.cfm?ReleaseID=819537 | title = RFMD Teams With NC State on $70 Million Department of Energy Power Electronics Development Award | publisher = RFMD | date = 2014-01-15 | access-date = 2014-05-29}}

RFMD operates an open foundry offering GaN semiconductor technology (as well established GaAs technology) to third parties.{{cite web | url = http://www.rfmd.com/openfoundry/default.aspx | title = RFMD foundry services | publisher = RFMD | access-date = 2014-05-29}}

In early 2001, RFMD bought RF Nitro Communications (RF Nitro){{Cite web |last=EETimes |date=2001-10-17 |title=RFMD to acquire RF Nitro Communications |url=https://www.eetimes.com/rfmd-to-acquire-rf-nitro-communications/ |access-date=2022-10-25 |website=EE Times}} that was founded in Charlotte, NC by Dr. James Shealy in 2000 using technology licensed from Cornell to produce on 100mm(4inch) wafers, advanced wide-band gap semiconductor materials and RFIC products (InGaP HBT, GaAs PHEMT, and GaN HEMT on both silicon carbide and sapphire substrates) typically implemented in laser diodes that were further incorporated into broadband wireless and fibre-optic end products.{{Cite web |title=Cornell Startups Acquired by Other Companies : Center for Technology Licensing |url=https://ctl.cornell.edu/about/cornell-startups/acquired/ |access-date=2022-10-20 |website=ctl.cornell.edu}}{{Cite web |title=James R. Shealy |url=https://ieeexplore.ieee.org/author/37274512000 |access-date=2023-08-25 |website=IEEE |language=en-US}} One notable advantage at the time to the Cornell licensed technology was the ability to obtain high semiconductor growth rates at low temperatures.{{Cite patent|number=US5868837A|title=Low temperature method of preparing GaN single crystals|gdate=1999-02-09|invent1=DiSalvo|invent2=Yamane|invent3=Molstad|inventor1-first=Francis J.|inventor2-first=Hisanori|inventor3-first=Jay|url=https://patents.google.com/patent/US5868837A/en?oq=US5868837A}}

In late 2007, RFMD bought another RF component maker, Sirenza Microdevices, which was expected to allow RFMD to capitalize on its RF integration and systems-level design expertise from cellular applications and apply those capabilities across Sirenza's broad footprint in multiple high-growth RF markets, including broadband/CATV, wireless infrastructure, WiMAX and aerospace and defense.{{cite web | url = http://ir.rfmd.com/releasedetail.cfm?ReleaseID=393772 | title = RFMD to Acquire Sirenza Microdevices | publisher = RFMD | date = 2007-08-13 | access-date = 2014-05-29}}{{Cite web | url = http://phx.corporate-ir.net/phoenix.zhtml?c=95468&p=irol-newsarticle&id=1069128 | title= Welcome to RF Micro Devices - News Release | publisher=Thomson Reuters | access-date = 2014-05-28}} In December 2007 it announced the acquisition of Filtronic Compound Semiconductor Ltd, which had been a major UK-based supplier of GaAs pHEMT semiconductors to RFMD,{{cite web | url = http://www.prnewswire.com/news-releases/rfmd-to-acquire-filtronic-compound-semiconductors-ltd-58827297.html | title = RFMD to Acquire Filtronic Compound Semiconductors Ltd | publisher = PR Newswire | date = 2007-12-20 | access-date = 2014-05-29}} and subsequently sold the UK facility to Compound Photonics in 2013.{{cite web | url = http://www.semiconductor-today.com/news_items/2013/JUL/RFMD_240713.html | title = RFMD selling UK GaAs fab to Phoenix-based Compound Photonics | publisher = Semiconductor Today | date = 2013-07-24 | access-date = 2014-06-01}} In November 2012, RFMD acquired Los Gatos, California-based Amalfi Semiconductor to enter the CMOS power amplifier (PA) market.{{cite web | url = http://www.eetimes.com/document.asp?doc_id=1280093 | title = RF Micro to buy Amalfi Semi for $47 million | publisher = EE Times | date= 2012-11-05 | access-date = 2014-05-28}}

In February 2014, RFMD announced it would merge with TriQuint Semiconductor. On April 15, 2014, the two companies announced that the holding company for both RF Micro and TriQuint would be called Rocky Holding Inc., with both companies considered subsidiaries. Each company's shareholders would own a 50 percent stake.{{cite news | last = Craver |first = Richard | title = New corporate structure created for RF Micro, TriQuint deal | url = http://www.journalnow.com/business/business_news/local/new-corporate-structure-created-for-rf-micro-triquint-deal/article_a8ebddf4-c4a8-11e3-8ff0-0017a43b2370.html | access-date = 2014-04-15 | newspaper = Winston-Salem Journal |date = 2014-04-15}} Rocky Holding will trade on the NASDAQ, and RF Micro's Robert Bruggeworth will be president and CEO, while TriQuint's Ralph Quinsey will be chairman. The deal was projected to close in the second half of the year, after which the companies will execute a one-for-four reverse stock split resulting in 145 million shares outstanding.

On January 2, 2015, RFMD and Triquint jointly announced that they had completed their merger of equals to form Qorvo (NASDAQ: QRVO), and that Qorvo would start trading on the NASDAQ Global Stock Market starting from that day.

While the foundry model has come to prominence for the manufacture of CMOS logic integrated circuits, the manufacture of GaAs ICs has remained largely in the hands of vertically integrated companies like RFMD who both design the IC and manufacture it at their own fabrication facilities using proprietary process technology.{{cite web | url = http://www.researchinchina.com/Htmls/Report/2013/6683.html | title = Global and China GaAs Industry Report, 2012-2013 | publisher = ResearchInChina | access-date = 2014-05-30}} This puts such companies at risk of underutilization of their manufacturing capacity when demand falls, which has frequently affected RFMD and impacted its profitability.{{cite web | url = http://www.compoundsemi.com/documents/view/cldoc.php?id=11322 | title = RFMD Announces Actions to Reduce Manufacturing Costs and Increase Cash Flow | publisher = Compound Semiconductor | date = 2008-12-17 | access-date = 2014-05-30}} Indeed, in recent times RFMD has started offering foundry services to manufacture GaAs-based products designed by third parties. The largest independent GaAs foundry competitor, Taiwan-based WIN Semiconductor, has seen mixed results.{{cite web | url = http://www.compoundsemiconductor.net/csc/features-details/19734650/III-V-foundries---Pure-play-leads-the-way-for-GaAs-IC.html | title = III-V foundries - Pure-play leads the way for GaAs ICs| publisher = Compound Semiconductor | date = 2012-02-24 | access-date = 2014-05-30}}{{cite web | url = http://www.winsemiconductorscorp.com/doc/Investor/news/WIN%20Semi%20Reports%204Q2013%20FY13%20Results-140307.pdf | title = WIN Semiconductors Corp. Reports Fourth Quarter 2013 and Full Year 2013 Consolidated Results | publisher = WIN Semiconductor | date = 2014-03-07 | access-date = 2014-05-30}}

Vertically integrated competitors in the market for GaAs-based RFICs for wireless applications such as mobile phones, wireless infrastructure and wireless LAN include Skyworks Solutions, Avago, ANADIGICS, Murata and TriQuint Semiconductor,{{cite web | url = http://www.compoundsemiconductor.net/csc/indepth-details/19735864/CMOS-amplifiers-get-ready-to-kick-GaA.html | title = CMOS amplifiers get ready to kick GaAs | publisher = Compound Semiconductor | date = 2012-12-20}} with which RFMD has signed a merger agreement.

Despite the fact that the wireless GaAs device market has continued to grow in recent years, RFMD has seen mixed results. Competitors Skyworks and Avago have seen their GaAs revenues increase consistently, while RFMD experienced lower sales in 2011 and 2012 and lost market share. RFMD's GaAs device market share declined from 20% in 2008 (when it was #1){{cite web | url = http://www.microwavejournal.com/articles/8837-avago-eudyna-and-win-shake-up-gaas-rankings | title = Avago, Eudyna and WIN Shake Up GaAs Rankings | publisher = Microwave Journal | date = 2009-12-01 | access-date = 2014-05-30}} to 12.4% in 2011{{cite web | url = http://www.compoundsemiconductor.net/csc/features-details/19735234/Shifting-landscapes-in-the-GaAs-industr.html | title = Shifting landscapes in the GaAs industry | publisher = Compound Semiconductor | date = 2012-07-11 | access-date = 2014-05-30}} and further declined in 2012 before a recovery in 2013/2014. For Q2 2014, RFMD reported strong sequential growth, reaching record quarterly revenue of US$316 million and improved profitability, while forecasting further growth for Q3 2014.{{cite web | url = http://ir.rfmd.com/releasedetail.cfm?ReleaseID=861931 | title = RFMD® Achieves Record Quarterly Revenue of $316.3 Million | publisher = RFMD | date = 2014-07-24 | access-date = 2014-07-28 }}

RFMD's Polaris chipsets, sold from 2004 to 2011, were aligned with certain established but declining baseband architectures, including Freescale{{cite web | url = http://electronicdesign.com/displays/inside-motorolas-slim-slvr | title = Inside Motorola's Slim SLVR | publisher = Electronic Design | date = 2006-03-20 | access-date = 2014-06-01}} and essentially competed with RF transceiver solutions from growing mobile phone baseband/application processor companies Qualcomm and MediaTek, which were quickly becoming dominant and used their own RF transceiver solutions as part of their reference designs alongside the baseband/application processor, with the front-end/PA component sockets remaining open to GaAs chip manufacturers. The subsequent success of companies such as Skyworks,{{cite web | url = http://www.microwavejournal.com/articles/9616-skyworks-captures-gsm-gprs-and-edge-design-wins-at-mediatek | title = Skyworks Captures GSM/GPRS and EDGE Design Wins at MediaTek | publisher = Microwave Journal | date = 2010-05-27 | access-date = 2014-06-01}} TriQuint{{cite web | url = http://www.streetinsider.com/Upgrades/Needham+%26+Company+Upgrades+TriQuint+Semiconductor+%28TQNT%29+to+Buy%3B+Its+Time+To+Play+Ball%3B+Upgrading+Ahead+of+Multiple+2012+Growth+Drivers/6702363.html | title = Needham & Company Upgrades TriQuint Semiconductor (TQNT) to Buy; Its Time To Play Ball; Upgrading Ahead of Multiple 2012 Growth Drivers | publisher = StreetInsider.com | date = 2011-08-10 | access-date = 2014-06-01}} and Avago in capturing the front-end/PA sockets on these industry-leading reference designs has been noted.

File:Huawei E367, O2 Surfstick Plus - RF Micro Devices RF3161-8486.jpg

As CMOS silicon-based RFICs for wireless applications such as mobile phones have gradually become more competitive (but still inferior) in terms of performance when compared to GaAs (while providing advantages relating to cost and chip integration), they have replaced GaAs products for part of the low-end (2G) power amplifier market as of early 2014.{{cite web | url = http://www.compoundsemiconductor.net/csc/indepth-details/19737310/Move-over-GaAs.html | title = Move over GaAs? | publisher = Compound Semiconductor | date = 2014-02-19 | access-date = 2014-05-30}}{{cite web | url = http://www.compoundsemiconductor.net/csc/features-details/19736503/GaAs-will-fend--off-silicon-CMOS-in-handset--front-end.html | title = GaAs will fend off silicon CMOS in handset front-ends | publisher = Compound Semiconductor | date = 2013-06-13 | access-date = 2014-05-30}} Silicon on insulator technology has already largely replaced GaAs for antenna switch applications, and RFMD has been part of this transition.

At various times in the past companies have had strong expectations for CMOS-based RFICs such as power amplifiers which failed to materialize. However, Qualcomm, the dominant provider of the silicon chip content in mobile phones, has made significant investments in this area and reported volume shipments of a 3G/4G front-end solution using CMOS-based power amplifier technology in February 2014.{{cite web | url = http://www.qualcomm.com/media/releases/2014/02/24/qualcomm-launches-first-chips-integrated-cmos-power-amplifier-and-antenna | title = Qualcomm Launches First Chips with Integrated CMOS Power Amplifier and Antenna Switch for 3G/4G LTE multiband Mobile Devices | publisher = Qualcomm | date = 2014-02-24 | access-date = 2014-05-30}}

Proliferation of CMOS-based solutions increases competition from CMOS RF companies such as Peregrine Semiconductor as well as mobile phone SoC and chipset providers such as Qualcomm and others, and has the potential to significantly reduce the addressable market for GaAs-based devices.

However, companies traditionally focused on GaAs, including RFMD, already use silicon-on-insulator (SOI) technology for switches,{{cite web | url = http://ir.rfmd.com/releasedetail.cfm?ReleaseID=749456 | title = RF Micro Devices(R) Announces Flexible Gallium Arsenide Sourcing Strategy | publisher = RFMD | date = 2013-03-19 | access-date = 2014-05-30}} and have also invested in CMOS technology for power amplifiers. RFMD announced material volume shipment of CMOS PAs in September 2013.{{cite web | url = http://ir.rfmd.com/releasedetail.cfm?ReleaseID=787081 | title = RFMD(R) Surpasses Shipment Milestone With Breakthrough CMOS Power Amplifiers | publisher = RFMD | date = 2013-08-26 | access-date = 2014-05-30}}

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Category:Electronics companies established in 1991

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Category:Companies based in Greensboro, North Carolina

Category:Companies formerly listed on the Nasdaq

Category:1991 establishments in North Carolina

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