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Strategies & Market Trends : Technical analysis for shorts & longs

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To: Johnny Canuck who wrote (59540)

7/31/2024 4:52:14 PM

From: Johnny Canuck

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Earnings News

Qualcomm gains as handsets boost Q3 results, guidance

Jul. 31, 2024 4:09 PM ET| QUALCOMM Incorporated (QCOM) Stock|By: Chris Ciaccia, SA News Editor

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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.
The company will hold a conference call at 4:45 p.m. EST to discuss the results.
More on Qualcomm

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About QCOM Stock

SymbolLast Price% Chg

QCOM	178.13	6.70%
Post	188.66	5.91%

Jul 26Jul 29Jul 30Jul 31160170180190

Market Cap

$186.31B

PE (FWD)

16.84

Yield

1.95%

Rev Growth (YoY)

-11.35%

Short Interest

2.56%

Prev. Close

$166.94

Compare to Peers

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