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Qualcomm (QCOM) Stock Gains on Q2 Earnings and Revenue Beats

Ryan McQueeney

Qualcomm Inc. (QCOM) just released its second-quarter financial results, posting non-GAAP earnings $1.34 per share and revenues of $5.985 billion.

Currently, Qualcomm is a Zacks Rank #4 (Sell), but this ranking could be subject to change based on today’s results.

QCOM is up 1.88% to $53.60 per share in trading shortly after its earnings report was released.

Qualcomm:

Beat earnings estimates. The company posted non-GAAP earnings of $1.34 per share, beating the Zacks Consensus Estimate of $1.05.

Beat revenue estimates. The company saw non-GAAP revenue figures of $5.985 billion, beating our consensus estimate of $5.877 billion.

Revenues from Qualcomm’s QCT segment grew 10% year-over-year, while revenues from its QTL until gained 5%. In the QTL unit, total reported device sales grew 18%, while the QCT unit’s MSM chip shipments fell 5%.

The company guided for Q3 revenues in the range of $5.3 billion to $6.1 billion. This would represent a year-over-year change of -12% to +1%. Qualcomm expects GAAP earnings to fall in a range of $0.67 per to share to $0.92 per share, while non-GAAP earnings are expected to come in between $0.90 and $1.15. The current Zacks Consensus Estimate calls for earnings of $0.96 per share.

“We delivered strong results this quarter, with healthy year-over-year growth across our QTL licensing and QCT semiconductor businesses, especially in the important automotive, networking and IoT growth areas,” said CEO Steve Mollenkopf.

Here’s a graph that looks at QCOM’s latest earnings performance history:

QUALCOMM Incorporated Price, Consensus and EPS Surprise

QUALCOMM Incorporated Price, Consensus and EPS Surprise | QUALCOMM Incorporated Quote

Qualcomm develops and delivers innovative digital wireless communications products and services based on the company's CDMA digital technology. The company's business areas include CDMA integrated circuits and system software; technology licensing; the Binary Runtime Environment for Wireless applications development platform; Eudora e-mail software; digital cinema systems; and satellite-based systems including portions of the Globalstar system and wireless fleet management systems, OmniTRACS and OmniExpress.

Check back later for our full analysis on QCOM’s latest report!

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