Qualcomm (NASDAQ:QCOM) shares rose 2.7% in extended trading on Wednesday after the semiconductor company reported fiscal first-quarter results and guidance that topped expectations.
For the period ending Dec. 24, Qualcomm earned $2.75 per share on $9.92B V consensus estimates of $2.37 per share on $9.52B in revenue.
QCT revenue rose 7% year-over-year to $8.4B.
Revenue from handsets rose 16% year-over-year to $6.69B
Automotive sales jumped 31% to $598M. – this will be Qualcomm’s biggest growth catalyst.
Sales from IoT plunged 32% to $1.13B.
Licensing revenue fell 4% year-over-year to $1.46B.
Revenue and Earnings Midpoint Guidance is higher at$9.3Bn and $2.3 for the next quarter.
Qualcomm said it expects to earn between $2.20 and $2.40 per share, with revenue forecast between $8.9B and $9.7B. Analysts were expecting $2.25 per share in earnings and $9.28B in revenue.