Benzinga - by Chris Katje, Benzinga Staff Writer.
Technology company Qualcomm Incorporated (NASDAQ:QCOM) reported first-quarter financial results after the market close Wednesday.
Here are the key highlights.
What Happened: Qualcomm reported first-quarter revenue of $9.94 billion, which was up 5% year-over-year. The revenue total beat a Street consensus estimate of $9.52 billion, according to data from Benzinga Pro.
Revenue also came in ahead of previous company guidance of a range of $9.1 billion to $9.9 billion.
The company reported adjusted earnings per share of $2.75, which was up 16% year-over-year. The earnings per share beat a Street estimate of $2.37. Earning per share were also ahead of a prior guidance range of $2.25 to $2.45 from the company.
Revenue was $8.423 billion for the company's QCT segment, which was up 7% year-over-year. QTL segment revenue was $1.46 billion, which was down 4% year-over-year.
The QCT segment saw the following revenue performance by sub-sectors:
Handsets: $6.687 billion, +16% year-over-year
Automotive: $598 million, +31% year-over-year
IoT: $1.138 billion, -32% year-over-year
"We are extremely pleased to report strong quarterly results, with revenue and EPS exceeding the high end of our guidance," Qualcomm CEO Cristiano Amon said.
Related Link: Qualcomm Q1 Earnings Preview: Analysts Focus On Automotive Growth, AI, Stock Valuation
What's Next: Qualcomm is guiding for second-quarter revenue to be in a range of $8.9 billion to $9.7 billion. Revenue guidance ranges are $7.6 billion to $8.2 billion for QCT and $1.2 billion to $1.4 billion for QTL.
The company guides for earnings per share to come in a range of $2.20 to $2.40 for the second quarter.
"Looking ahead, we are building on this momentum with our leading Snapdragon platforms and technology differentiation in connectivity, computing and on-device generative AI, across Handsets, Automotive, PC, XR and Industrial IoT," Amon said.
QCOM Price Action: Qualcomm shares trade at $148.33 versus a 52-week trading range of $101.47 to $157.98
Read Next: EXCLUSIVE: Qualcomm Seizes ‘Amazing Opportunity’ With Artificial Intelligence, Harnessing A ‘Transformational Moment’
Photo via Pixabay.
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