Qualcomm (NASDAQ:QCOM) reported its latest quarterly earnings results after the bell on Wednesday, sending shares surging late in the day as the company topped analysts’ profit and revenue expectations.
The semiconductor and telecommunications operator said that its earnings for its third quarter of fiscal 2018 came in at $1.01 per share on an adjusted basis. Analysts were calling for the company to bring in adjusted earnings of roughly 71 cents per share, according to data compiled by Thomson Reuters.
Qualcomm also posted a revenue beat for its third quarter as it amassed sales of $5.6 billion thanks to the growing strength of its chipmaking business for phones and other devices. The Wall Street consensus estimate was calling for revenue of roughly $5.19 billion for the period, according to data compiled by Thomson Reuters.
The company’s CDMA Technologies business, which is responsible for making the aforementioned chips, is where most of its revenue comes from, raking in $4.09 billion in sales from that unit alone. The figure was below the $4.11 billion that the FactSet projection called for.
Qualcomm also said that the company is rolling out a stock buyback program of up to $30 billion, a revision of its previous $10 billion repurchase program.
QCOM stock was up about 1% during regular trading hours today in anticipation of the company’s latest quarterly earnings results, which sent shares soaring more than 6.6% after the bell.