Qualcomm Incorporated (QCOM) saw its shares rise over 5% in extended trading on Wednesday after the company reported its third-quarter earnings and revenue that topped analyst estimates.
The chipmaker’s earnings per share (EPS) for the third quarter came in at $2.33, exceeding the analyst consensus by $0.08. Revenue for the quarter was also higher than expected at $9.39 billion, compared to the consensus estimate of $9.21 billion.
Qualcomm’s strong Q3 performance was driven by growth in its semiconductor business, particularly in the automotive and internet of things (IoT) segments.
The company’s guidance for Q4 2024 also beat expectations, with an EPS range of $2.45 to $2.65 and revenue forecast of $9.5 to $10.3 billion.
“We are pleased with our strong Q3 performance, which reflects our continued leadership in the semiconductor industry,” said Steve Mollenkopf, CEO of Qualcomm. “We remain focused on driving innovation and growth across our businesses.”
Qualcomm’s shares are currently trading at $180.95 per share, up from yesterday’s close of $170.50
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– Revenue: Qualcomm’s revenue for the quarter ended June 23, 2024, was $9.39 billion, exceeding the consensus estimate of $9.21 billion ¹.
– Earnings Per Share (EPS): The company’s EPS for the quarter was $2.33, surpassing the analyst consensus by $0.08 ¹.
– Gross Margin: Qualcomm reported a gross margin of 55% for the quarter ended June 25, 2023 ².
– Research and Development Expenses: The company’s research and development expenses for the quarter ended June 25, 2023, were $2.22 billion, representing 26% of its revenue ².
– Guidance for Q4 2024: Qualcomm anticipates an EPS range of $2.45 to $2.65 for Q4 2024, with the midpoint of $2.55 surpassing the consensus estimate of $2.45 ¹.
– Revenue Forecast: The company’s revenue forecast of $9.5 to $10.3 billion for Q4 2024 also beats the consensus of $9.71 billion, indicating potential continued growth ¹.