Qualcomm (NASDAQ:QCOM) earnings for the company’s fiscal first quarter of 2020 have QCOM stock up after markets closed on Wednesday. This is due to its adjusted EPS of 99 cents. That’s better than Wall Street’s estimate of 85 cents per share. Revenue of $5.08 billion is also above analysts’ estimates of $4.83 billion.
Here’s what else is worth mentioning from the most recent Qualcomm earnings report.
- Adjusted earnings per share are 17.50% lower than the $1.20 reported in fiscal Q1 2019.
- Revenue for the quarter is sitting 4.96% higher than the $4.84 billion from the same time last year.
- Operating income of $1.03 billion is a 45.07% increase YoY from $710 million.
- The Qualcomm earnings report also includes a net income of $925 million.
- That’s a 13.55% drop from the company’s net income of $1.07 billion during the same period of the year prior.
Steve Mollenkopf, Chief Executive Officer of Qualcomm, has this to say about the QCOM stock earnings report.
“Our strong fiscal first quarter financial performance reflects a significant inflection point for Qualcomm as we begin to realize the benefits from the ramp of 5G.”
The Qualcomm earnings report also includes an outlook for its fiscal second quarter of 2020. Among this is an adjusted EPS estimate of 90 cents to 95 cents and a revenue estimate of $4.90 billion to $5.70 billion. For comparison, Wall Street is expecting 86 cents per share on revenue of $5.08 billion during the quarter.
QCOM stock was up 1.20% after-hours Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
