Qualcomm Earnings Beat in Q1; Touts Growth on 5G Ramp-Up

This post was originally published on this site

© Reuters. Qualcomm Earnings, Revenue Beat in Q1© Reuters. Qualcomm Earnings, Revenue Beat in Q1

Investing.com – Qualcomm (NASDAQ:) on Wednesday report results that topped analysts’ forecasts and the semiconductor company said it was set to benefit from the ramp-up of 5G.

Qualcomm announced earnings per share of $0.99 on revenue of $5.08 billion. Analysts polled by Investing.com anticipated EPS of $0.85 on revenue of $4.83 billion.

That compares to EPS of $1.20 on revenue of $4.82 billon in the same period a year before. Qualcomm (NASDAQ:) had reported EPS of $0.78 on revenue of $4.8 billion in the previous quarter.

Shares rose 2% postmarket.

Chip sales fell 17% to 155 million, and the company is not expecting to turn around performance in the second quarter, guiding chip shipments in range of 125 million to 145 million.

For the second quarter, Qualcomm guided QCT (Qualcomm (NASDAQ:) CDMA Technologies) semiconductor business revenue in the range of $3.9 billion to $4.5 billion and QTL (Qualcomm Technology Licensing) licensing business revenue in a range of $1 billion to $1.2 billion.

Expectations for 3G/4G/5G global device shipments, meanwhile, were maintained, and 5G global handset shipments estimated in the range of 175 million to 225 million.

“Our strong fiscal first quarter financial performance reflects a significant inflection point for Qualcomm as we begin to realize the benefits from the ramp of 5G,” said CEO Steve Mollenkopf.

Qualcomm forecast second-quarter earnings in the range of $0.80 to $0.95 a share on revenue of $4.9 billion to $5.7 billion, compared with consensus estimates of $0.86 a share on revenue of $5.1 billion.

Qualcomm shares are up 3% from the beginning of the year, still down 5.47% from its 52-week high of $96.17 set on Jan. 17. They are broadly in line with the , which is up 2.78% year to date.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.