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Qualcomm delivers fiscal Q1 beat as handset chip sales rebound

Investing.com -- Qualcomm on Wednesday reported fiscal first-quarter results that topped Wall Street estimates as a recovery in smartphone demand boosted handset chip sales.       

Qualcomm Incorporated (NASDAQ:QCOM) shares were down 1% after swinging between gains and losses in after-hours trade following the report.

The chipmaker reported adjusted EPS of $2.75 on revenue of $9.92 billion. Analysts polled by Investing.com anticipated EPS of $2.37 on revenue of $9.49B.

The better-than-expected results were boosted by a 16% jump in handset chip sales to $6.69B, compared with a 27% slip in the prior quarter. 

QCT, or Qualcomm CDMA Technologies, semiconductor business, which includes handsets, automotive and IoT endmarkets, rose 7% to $8.42B, with the latter segment keeping a lid on growth after falling 32%.  

For Q2, the company forecasts adjusted EPS in a range of $2.20 to $2.40 on revenue in a range of $8.9B to $9.7B, compared with Wall Street estimates of $2.25 on revenue of $9.28B, respectively. 

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.