Qualcomm (QCOM) late Wednesday beat analyst estimates for its fiscal fourth quarter and guided above views for the current period. Qualcomm stock jumped in extended trading.
The wireless-chip leader earned an adjusted $2.69 a share on sales of $10.24 billion in the quarter ended Sept. 29. Analysts polled by FactSet had expected earnings of $2.56 a share on sales of $9.91 billion. On a year-over-year basis, Qualcomm earnings rose 33% while sales increased 18%.
For the current quarter, Qualcomm forecast adjusted earnings of $2.95 a share on sales of $10.9 billion. That’s based on the midpoint of its outlook. Analysts were modeling earnings of $2.86 a share on sales of $10.6 billion in the December quarter. In the year-earlier period, Qualcomm earned an adjusted $2.75 a share on sales of $9.92 billion.
The San Diego-based company also announced a new $15 billion stock repurchase authorization.
Qualcomm Stock Jumps After Report
In after-hours trading on the stock market today, Qualcomm stock surged more than 5% to 182.30. During the regular session Wednesday, Qualcomm stock rose 4.3% to close at 172.99.
“We are excited about our recent product announcements at Snapdragon Summit and Embedded World, as they continue to extend our technology leadership and position us well across handsets, PC, automotive and industrial IoT,” Chief Executive Cristiano Amon said in a news release. “We look forward to providing an update on our growth and diversification initiatives at our investor day on Nov. 19.”
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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