Qualcomm Q2 earnings: net income pops 37% on AI tailwinds

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on May 1, 2024
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  • Qualcomm reported its financial results for the second quarter today.
  • Here's what its CEO Cristiano Amon said in a press release on Wednesday.
  • Qualcomm stock is now up nearly 25% versus its year-to-date low.

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Qualcomm Inc (NASDAQ: QCOM) is trading up in extended trading after reporting market-beating financial results for its second quarter.

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Qualcomm stock gains on upbeat guidance

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Shares are pushing to the upside also because the chipmaker issued upbeat guidance for the future. $QCOM now forecasts its revenue to fall between $8.80 billion and $9.60 billion on up to $2.35 of adjusted EPS in Q3.

Analysts, in comparison, were at $9.05 billion and $2.17 per share, respectively. Cristiano Amon – the chief executive of Qualcomm said in a press release today:

We are excited about our continued growth and diversification, including upcoming launches with our Snapdragon X platforms, and enabling leading on-device AI capabilities across multiple product categories

Handset chip shipments brought in $6.18 billion of the Nasdaq-listed firm in Q2 – up 1.0% year-over-year. Qualcomm stock is now up nearly 25% versus its year-to-date low.

Notable figures in Qualcomm Q2 earnings release

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  • Earned $2.33 billion versus the year-ago $1.70 billion
  • Per-share earnings also improved from $1.56 to $2.06
  • Adjusted EPS printed at $2.44 as per the earnings report
  • Revenue climbed 1.0% year-over-year to $9.39 billion
  • Consensus was $2.32 a share on $9.34 billion in revenue

Other notable figures in the quarterly report that Qualcomm posted this evening include a 2.0% increase in revenue from its QTL licensing segment and a 1.0% increase in its QCT semiconductor business.

Earlier in April, $QCOM announced 85 cents a share of quarterly dividend. It spent $731 million on buying back stock in the fiscal second quarter as well. Wall Street currently has a consensus “overweight” rating on Qualcomm stock.

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