Qualcomm (NASDAQ:QCOM) news for Thursday includes QCOM stock on the rise after the release of its earnings report for the fiscal fourth quarter of 2020. That’s thanks to its adjusted earnings per share of $1.45 beating out Wall Street’s estimate of $1.17. Its revenue of $8.35 billion also comes in above analysts’ estimates of $5.93 billion.
Here’s the other positive news from the most recent Qualcomm earnings report.
- Adjusted per-share earnings are up 86% from 78 cents during the same time last year.
- Revenue for the quarter is sitting 73% higher than the $4.81 billion reported in fiscal Q4 2019.
- Operating income of $3.45 billion is a 392.2% increase year-over-year from $701 million.
- The Qualcomm earnings report also has net income coming in at $2.96 billion.
- That’s a 485% jump from the company’s net income of $506 million reported in the same period of the year prior.
Steve Mollenkopf, CEO of Qualcomm, said the following in the earnings news release.
“We concluded the year with exceptional fourth quarter results and are well positioned for growth in 2021 and beyond. As the pace of disruption in wireless technology accelerates, we will continue to drive growth and scale across our RF front-end, Automotive and IoT adjacencies.”
The Qualcomm earnings news also includes guidance for fiscal Q1 2021. It has QCOM expecting adjusted EPS of $1.95 to $2.15 on revenue of $7.8 billion to $8.6 billion. For comparison, Wall Street is looking for adjusted EPS of $1.69 on revenue of $6.58 billion during the quarter.
QCOM stock was up 13.8% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.