Qualcomm reports mixed results in Q1 earnings release
Yahoo Finance's Ines Ferré breaks down Qualcomm earnings, which beat on the bottom line but missed on the top line.
SEANA SMITH: Qualcomm is also moving after hours here. They are out with their fiscal first quarter results. You're looking at shares popping just about 2%. Ines Ferre has that for us. Hey, Ines.
INES FERRE: Hey, Seana. And it's mixed results for Qualcomm with a beat on the bottom line. Adjusted earnings per share coming in at $2.37. The Street was expecting $2.35. Meanwhile, adjusted revenue came in at $9.46 billion. The Street was expecting $9.6 billion. So that's a miss.
Qualcomm sees second quarter revenue coming in anywhere between $8.7 billion and $9.5 billion. The Street's expecting $9.58 billion-- slight miss. And also, Qualcomm saying that it's expecting demand and inventory to normalize in the second half of 2023.
Some interesting commentary in the earnings release from Cristiano Amon, the President and CEO of Qualcomm, saying, in a challenging environment, we delivered results consistent with guidance, including year-over-year growth in QCT, automotive, and IoT, internet of things. And remember that the smartphone industry has been slowing down.
Qualcomm has been expanding into automotive, internet of things. So, perhaps, this is also why the stock is up right now. Automotive year-over-year growth revenue was 58%. Internet of things grew revenue by 7% year-over-year-- so certainly expanding into automotive and internet of things, guys.
SEANA SMITH: All right, Ines, thanks so much. Shares up nearly 2%.