Qualcomm provided a higher-than-expected revenue forecast for the December quarter at the midpoint of its guidance range, sending its stock higher in after-hours trading Wednesday.
For the September quarter,
Qualcomm
(ticker: QCOM) reported adjusted earnings of $2.02 a share, compared with Wall Street’s consensus estimate of $1.91, according to FactSet. Revenue came in at $8.7 billion, which was above analysts’ expectations of $8.5 billion.
The good news was the guidance. Qualcomm gave a revenue forecast for the current quarter, ending in December, of $9.1 billion to $9.9 billion—which was above the consensus of $9.2 billion at the midpoint of the range.
Qualcomm shares rose 4.4% to $115.73 in after-hours trading Wednesday following the release. The company is a maker of mobile processors and 5G wireless chipsets.
Qualcomm shares have fallen about 16% over the past three months, roughly in line with the 15% drop of the
iShares Semiconductor exchange-traded fund
(SOXX), which tracks the ICE Semiconductor Index.
Write to Tae Kim at tae.kim@barrons.com
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