QUALCOMM Earnings: Crushes Estimates, Stock Surges
QUALCOMM Incorporated (NASDAQ:QCOM) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 6.25%.
QUALCOMM Incorporated Earnings Cheat Sheet
Results: Net income increased 57.03% to $2.2 billion ($1.26 per diluted share) in the quarter versus a net gain of $1.4 billion in the year-earlier quarter.
Revenue: Rose 28.6% to $6.02 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: QUALCOMM Incorporated reported adjusted net income of $1.26 per share. By that measure, the company beat the mean analyst estimate of $1.13. It beat the average revenue estimate of $5.9 billion.
Quoting Management: “We are pleased to report record quarterly revenues, Non-GAAP EPS and MSM chip shipments, driven by the growing global demand for smartphones and our industry-leading portfolio of 3G/LTE chipsets,” said Dr. Paul E. Jacobs, Chairman and CEO of Qualcomm…