Qualcomm Inc (NASDAQ: QCOM) is trading up in extended trading after reporting market-beating financial results for its second quarter.
Qualcomm stock gains on upbeat guidance
Shares are pushing to the upside also because the chipmaker issued upbeat guidance for the future. $QCOM now forecasts its revenue to fall between $8.80 billion and $9.60 billion on up to $2.35 of adjusted EPS in Q3.
Analysts, in comparison, were at $9.05 billion and $2.17 per share, respectively. Cristiano Amon – the chief executive of Qualcomm said in a press release today:
We are excited about our continued growth and diversification, including upcoming launches with our Snapdragon X platforms, and enabling leading on-device AI capabilities across multiple product categories
Handset chip shipments brought in $6.18 billion of the Nasdaq-listed firm in Q2 – up 1.0% year-over-year. Qualcomm stock is now up nearly 25% versus its year-to-date low.
Watch here: https://www.youtube.com/embed/9T_76P96s_A?feature=oembed
Notable figures in Qualcomm Q2 earnings release
- Earned $2.33 billion versus the year-ago $1.70 billion
- Per-share earnings also improved from $1.56 to $2.06
- Adjusted EPS printed at $2.44 as per the earnings report
- Revenue climbed 1.0% year-over-year to $9.39 billion
- Consensus was $2.32 a share on $9.34 billion in revenue
Other notable figures in the quarterly report that Qualcomm posted this evening include a 2.0% increase in revenue from its QTL licensing segment and a 1.0% increase in its QCT semiconductor business.
Earlier in April, $QCOM announced 85 cents a share of quarterly dividend. It spent $731 million on buying back stock in the fiscal second quarter as well. Wall Street currently has a consensus “overweight” rating on Qualcomm stock.
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