Qualcomm handily beats expectations in its fiscal Q1

Qualcomm Inc (NASDAQ: QCOM) is trading up in extended hours on Wednesday after reporting market-beating results for its fiscal first quarter.

Qualcomm's guidance for the current quarter

The stock is in the green also because the chipmaker issued in-line revenue guidance for the future. Qualcomm now forecasts its revenue to fall between $8.9 billion and $9.7 billion in its current financial quarter on $1.73 to $1.93 of per-share earnings (adjusted).

Analysts, in comparison, were at a $2.25 share on $9.3 billion in revenue. Cristiano Amon – the chief executive of Qualcomm Inc said in a press release today:

Handset chip shipments brought in $6.69 billion for the Nasdaq-listed firm in Q1 - up 16% year-over-year. $QCOM is now up nearly 50% versus its low in late October.

Notable figures in Qualcomm Q1 earnings release

• Earned $2.77 billion versus the year-ago $2.24 billion
• Per-share earnings also climbed from $1.98 to $2.48
• Adjusted EPS printed at $2.75 as per the earnings report
• Revenue jumped % year-over-year to $9.92 billion
• Consensus was $2.37 a share on $9.51 billion in revenue

Qualcomm took a 4.0% hit to revenue in its QTL licensing segment which was more than offset by a 7.0% increase in revenue from its QCT semiconductor business. Both segments came in ahead of estimates.