Qualcomm gains 6.50% after quarterly results that exceeded expectations, reflecting a revival in the smartphone market. The company reported adjusted revenues of $9.39 billion, up 1.3% year-over-year, surpassing the estimate of $9.32 billion. The adjusted earnings per share were $2.44, exceeding the estimate of $2.32.
Revenue:
Start investing today or test a free demo
Open real account TRY DEMO Download mobile app Download mobile app- Q3 Revenue: $9.39 billion, up 1.3% year-over-year, exceeding the estimate of $9.32 billion.
- Comparison: The increase is a slowdown from the 16% year-over-year increase in the previous quarter.
- Q4 Forecast: Expected to range from $8.8 billion to $9.6 billion, compared to the consensus estimate of $9.08 billion.
Earnings Per Share (EPS):
- Q3 Adjusted EPS: $2.44, surpassing the estimate of $2.32 and marking a 6.1% increase year-over-year.
- Q4 Forecast: Expected to range from $2.15 to $2.35, with a midpoint above analyst estimates.
Qualcomm's board highlighted the company's diversification efforts and positive outlook. CEO Cristiano Amon expressed satisfaction with record QCT Automotive revenues for the third consecutive quarter. He also noted upcoming Snapdragon X launches and progress in AI capabilities across various product categories. The board also pointed out strong demand for premium Android phones in China, attributing Qualcomm's success to its competitive position. Despite challenges in the IoT sector, Qualcomm's strategic moves aim to reduce dependence on phone chips and strengthen growth in other markets, enhancing its resilience in a competitive industry.
Qualcomm shares (QCOM.US) are gaining 6.50% today to $178, approaching historical highs from 2022 at around $192.
Source: xStation 5
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.