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FireNews : Qualcomm beats expectations for revenue and earnings, sales up 30% #FireNews365


Qualcomm president and CEO Cristiano Amon speaks at a news conference during CES 2022 in Las Vegas, Nevada, U.S. January 4, 2022.

Steve Marcus | Reuters

Qualcomm reported first-quarter earnings Wednesday, beating analyst expectations for revenue and guidance, and offering a strong outlook for its fiscal second quarter.

However, Qualcomm stock fell over 8% at one point during extended trading on Wednesday.

Here’s how Qualcomm did versus Refinitiv consensus expectations for the quarter ending Dec. 26:

  • EPS: $3.23, adjusted, vs. $3.01 expected
  • Revenue: $10.7 billion, adjusted, vs. $10.42 billion expected

Qualcomm said it expected between $10.2 billion and $11 billion in sales in the upcoming quarter, ahead of analyst estimates of $9.6 billion.

QCT, Qualcomm’s chip business, reported $8.85 billion in sales, up 35% from the same quarter last year.

Qualcomm breaks down its chip division into four categories, all of which rose during the quarter. The increase in revenue was primarily driven by a 42% increase in handset chip sales to $5.98 billion.

But sales of chips for cars, Qualcomm’s automotive business, also rose 21% to 256 million. Its IoT division, which focuses on low-power chips, increased sales 41% to $1.48 billion.

RF front-end, a division which focuses on chips needed for wireless connectivity, rose 7% to $1.13 billion.

QTL, the company’s profitable technology licensing division, increased 10% year-over-year to $1.81 billion in revenue.

Qualcomm said it repurchased $1.2 billion in shares during the quarter and issued $765 million in dividends.

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