From CNBC: 2024-05-01 17:05:54

Qualcomm reported second-quarter earnings that exceeded expectations and provided a strong forecast for the current quarter, causing shares to rise by about 4%. The company reported earnings per share of $2.44, beating expectations of $2.32, and revenue of $9.39 billion, surpassing the expected $9.34 billion.

Net income for the quarter was $2.33 billion, or $2.06 per share, compared to $1.7 billion, or $1.52 per share, in the same period the previous year. Qualcomm projected sales between $8.8 billion and $9.6 billion for the current quarter, higher than Wall Street’s estimate of $9.05 billion.

Qualcomm expects a decline in overall handset revenues this quarter due to a lack of summer smartphone launches, following a typical seasonal pattern. Handset sales rose 1% year-over-year to $6.18 billion, with revenue from Chinese phone makers increasing by 40% annually.

Qualcomm’s automotive business, which sells chips to automakers, noted a 35% increase in revenue to $603 million annually. Its “Internet of Things” business, consisting of lower-cost chips and chips for virtual reality, saw a decrease of 11% year-over-year to $1.24 billion.

The company’s chip business, QCT, reported a 1% increase in sales to $8.03 billion year-over-year. The licensing business, QTL, which collects fees from companies integrating 5G or cellular technology, rose by 2% annually to $1.32 billion.



Read more at CNBC:: Qualcomm earnings report Q2 2024