Qualcomm gains as handsets boost Q3 results, guidance – Up 7% to $192

Qualcomm (NASDAQ:QCOM) shares rose 4.5% in extended trading on Thursday after the chipmaker reported fiscal third-quarter results and guidance that topped expectations.

For the period ending June 23, Qualcomm said it earned an adjusted $2.33 per share as revenue rose 11.3% year-over-year to $9.39B. QCT sales rose 12% year-over-year to $8.07B. Revenue from handsets rose 12% year-over-year to $5.9B, while automotive sales jumped 87% to $811MM. Sales from its internet of things division fell 8.5% to $1.36B. Licensing revenue rose 3.5% year-over-year to $1.27B.

A consensus of analysts expected the company to earn $2.26 per share on $9.22B during its fiscal third quarter.

“We are excited about the launch of our Snapdragon X Series solutions for PCs that deliver leading performance, unmatched power efficiency and personalized AI experiences,” CEO Cristiano Amon said in a statement. “This launch represents a significant milestone in our transformation from a communications company to a leading intelligent computing company.”

Looking to the fourth-quarter, Qualcomm said it expects to earn between $2.45 and $2.65 per share on an adjusted basis, with revenue forecast between $9.5B and $10.3B.

Analysts were expecting $2.47 per share in earnings and $9.7B in revenue