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For the fiscal Q1 outlook, Qualcomm is expecting revenue between .8 billion and .6 billion. In addition, the company looks forward to adjusted earnings per share between .95 and .15. Qualcomm Inc (NASDAQ: QCOM) is on the rise after the company reported profitable results in the fourth quarter (Q4). In the quarter that ended on the 27th of September, the company pulled in gains in sales and earnings. Reported on the 4th of November, the earnings result showed that the profits exceeded Wall Street expectations. Following the earnings announcement, Qualcomm has been surging. Currently, QCOM is up 14.30% to 7.20 over its previous close of 8.97. Qualcomm Records Profitable Q4 ResultsIn the fourth quarter, Qualcomm pulled in profits in adjusted earnings per share and revenue.
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For the fiscal Q1 outlook, Qualcomm is expecting revenue between $7.8 billion and $8.6 billion. In addition, the company looks forward to adjusted earnings per share between $1.95 and $2.15.
Qualcomm Inc (NASDAQ: QCOM) is on the rise after the company reported profitable results in the fourth quarter (Q4). In the quarter that ended on the 27th of September, the company pulled in gains in sales and earnings. Reported on the 4th of November, the earnings result showed that the profits exceeded Wall Street expectations.
Following the earnings announcement, Qualcomm has been surging. Currently, QCOM is up 14.30% to $147.20 over its previous close of $128.97.
Qualcomm Records Profitable Q4 Results
In the fourth quarter, Qualcomm pulled in profits in adjusted earnings per share and revenue. Before now, Refinitiv consensus had estimated that the company would record $1.17 adjusted earnings per share. Also, Refinitiv estimated $5.93 billion in revenue for Qualcomm.
However, Qualcomm beat Refinitiv estimates, pulling in $1.45 per share in adjusted earnings in the quarter. The multinational company also surpassed earlier revenue estimates, recording $5.93 billion.
In addition, Qualcomm’s net income was up 76% year-on-year.
Furthermore, Qualcomm now plans to separately report revenue from handsets, automotive, internet-of-things chips, and radiofrequency in the future. In the past, all these businesses were under Qualcomm’s chip segment QCT. In the recently concluded quarter, QCT sales recorded a $4.97 billion profit. The profit is a 39% increase over 2019 sales in the same quarter.
In addition to profits made in the fourth quarter, another major segment at Qualcomm Inc. reported an increase over the previous year. In the quarter, Qualcomm Technology Licensing revenue surged 30% to $1.51 billion.
According to a CNBC report, Qualcomm CEO Steve Mollenkopf commented on the recently concluded fiscal fourth-quarter results:
“Our fiscal fourth quarter results demonstrate that our investments in 5G are coming to fruition and showing benefits in our licensing and product businesses.”
Qualcomm’s Fiscal Q1 Outlook
For the fiscal Q1 outlook, Qualcomm is expecting revenue between $7.8 billion and $8.6 billion. In addition, the company looks forward to adjusted earnings per share between $1.95 and $2.15.
Qualcomm is confident that the company is poised to benefit from 5G networks and mobile phones. The multinational company already has one of its 5G modem chips in the newly-released iPhone 12 by Apple Inc (NASDAQ: AAPL).
Also, Qualcomm is expecting about 200 million 5G-enabled smartphones to be shipped in 2020. And for 2021, the company expects about 500 million 5G smartphones to be shipped. Notably, Qualcomm does not manufacture smartphones. The company sells modem chips and other intellectual properties used in the production of smartphones.
According to a Qualcomm-Apple settlement filing, Apple would be relying on Qualcomm’s chip through the coming years. The filing revealed that Apple would use Qualcomm SDX55, SDX60, SDX65, SDX70 chipsets for its future models.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.