Qualcomm earnings more than double, stock heads higher

Revenue roseate to $8.06 cardinal from $4.89 cardinal successful the year-ago quarter. Wall Street analysts, however, estimation gross that excludes Qualcomm’s Strategic Initiatives concern segment. Without QSI, gross roseate to $8 billion, compared with $4.89 cardinal successful the year-ago period.

Analysts surveyed by FactSet had forecast net of $1.68 a stock connected gross of $7.53 billion, based connected Qualcomm’s forecast of $1.55 to $1.75 a stock connected gross of $7.1 cardinal to $7.9 billion.

Shares gained 3% successful after-hours trading, pursuing a 1.1% emergence successful the regular league to adjacent astatine $142.44.

“In summation to starring the 5G transition, we are connected gait to present $10 cardinal of yearly revenues crossed RF front-end, IoT and automotive arsenic our concern continues to diversify,” Cristiano Amon said successful his archetypal net study since becoming Qualcomm’s main executive. “Our solutions are fueling the connected intelligent borderline that is enabling the unreality economy, and we are seeing unprecedented request for our technologies arsenic the gait of integer translation accelerates.”

Qualcomm said its wireless and mobile business, which includes 5G chips and income for handsets, roseate 57% from a twelvemonth agone to $3.86 billion, portion income of chips for mobile-device antennas, oregon RF front-end products, much than doubled to $957 cardinal from the year-ago.

Qualcomm forecast adjusted third-quarter net of $2.15 to $2.35 a stock connected gross of $8.4 cardinal to $9.2 billion, portion analysts were estimating $2.03 a stock connected gross of $8.46 billion.

Over the past 12 months, Qualcomm shares are up 56%, compared with a 59% summation for the PHLX Semiconductor Index SOX, +1.76%,   a 37% emergence by the S&P 500 scale SPX, -0.02%,  and a 42% summation by the tech-heavy Nasdaq Composite Index COMP, +0.70%.