Qualcomm Inc. blew out quarterly profit expectations in its most recent report Wednesday, helping to send its stock higher in the aftermarket.
The company reported fiscal first-quarter net income of $2.8 billion, or $2.46 a share, up from $2.2 billion, or $1.98 a share, in the year-earlier period. On an adjusted basis, Qualcomm
QCOM,
earned $2.75 a share, while analysts were modeling $2.37 a share.
Revenue rose to $9.94 billion from $9.46 billion a year prior, whereas the FactSet consensus was for $9.51 billion.
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The company’s QCT semiconductor business grew revenue by 7% to $8.4 billion, while analysts had been looking for $8.1 billion. Revenue for the company’s QTL licensing segment was down 4% to $1.5 billion but ahead of the $1.4 billion consensus view.
“Looking ahead, we are building on this momentum with our leading Snapdragon platforms and technology differentiation in connectivity, computing and on-device generative AI, across handsets, automotive, PC, [extended reality] and industrial [Internet of Things],” Chief Executive Cristiano Amon said in a release.
The stock was up about 3% in after-hours action.
For the March quarter, the company expects $8.9 billion to $9.7 billion in revenue, whereas the FactSet consensus was for $9.3 billion. Management anticipates that QCT revenue will come in between $7.6 billion and $8.2 billion, while analysts had been looking for $7.9 billion from that segment.
The company also models $2.20 to $2.40 in adjusted earnings per share for the fiscal second quarter, with the midpoint of that range beating out the $2.25 FactSet consensus view.
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