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Qualcomm delivers 52% revenue growth as it welcomes its new CEO
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Smartphone chip giant Qualcomm Inc. delivered a blowout quarter today with earnings and revenue that easily beat Wall Street’s expectations combined with triple-digit operating income growth.
The company reported a second-quarter profit before certain costs such as stock compensation of $1.90 per share on revenue of $7.94 billion, up 52% from a year ago. Wall Street had been looking for a profit of $1.67 per share on revenue of $7.6 billion.
The report sent Qualcomm’s stock up 5% in after-hours trading.
Qualcomm Chief Executive Steve Mollenkopf, who will step down from the role on June 30, said the strong results were “driven by sustained demand for smartphones globally and our ability to increase the scale of our non-handset revenues.”
Qualcomm Tops Earnings Estimates, Expects Strong June Quarter
Qualcomm topped earnings and revenue estimates in CEO Steve Mollenkopf s last quarterly report with the company.
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Shares of Qualcomm Inc. (
QCOM) - Get Report rose Wednesday after the company reported fiscal second-quarter results that topped analyst estimates.
The San Diego chipmaker reported earnings of $1.90 per share on revenue of $7.93 billion, a 52% year-over-year increase. Analysts were expecting earnings of $1.67 per share on revenue of $7.62 billion, according to FactSet. Demonstrating the strength of our strategy and our success in execution, we delivered another quarter of year-over-year growth driven by sustained demand for smartphones globally and our ability to increase the scale of our non-handset revenues,” said CEO Steve Mollenkopf.
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Qualcomm stock drops despite earnings beat, 5G sales surge amid supply constraints MarketWatch 2/4/2021
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Qualcomm Inc. shares dropped in the extended session Wednesday, after the chip maker’s revenue came in slightly lower than expected, acknowledging that industry-wide supply constraints were affecting performance.
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Qualcomm President Cristiano Amon elaborated on the call about the supply situation.
“We have seen, I think, probably shortage across the entire industry,” Amon said. Chip demand is outpacing supply for many chip makers and hardware companies in today’s digital-dominated, COVID-19 environment.
“The V-shaped recovery that we’ve seen across the industry and all of the accelerated digitization is driving semiconductors, and we see that across the board,” Amon told analysts on the call.