Wireless chipmaker Qualcomm (Qcom) Late Wednesday easily beat Wall Street’s fiscal fourth quarter targets and significantly more guidance for the current period. News of Qualcomm earnings sharpened.
X
The San Diego-based company gained 45 1.45 billion in sales for the quarter ended Sept. 27. Analysts had expected Qualcomm’s earnings of 17 5.94 billion to sell for 17 1.17 billion. On a year-over-year basis, Qualcomm’s revenue grew 86%, while sales grew 35%.
In the December quarter, Qualcomm expects an adjusted 2.0 2.05 share on sales of 2 8.2 billion. It is based on the midpoint of his point of view. Analysts had expected Qualcomm to earn 1. 1.68 per share on વેચાણ 7.1 billion in sales. Qualcomm’s earnings in the year-ago period were 99 cents on sales of 5. 5.08 billion.
“Results for the fourth quarter of our fiscal year show that we have invested in 5G and are showing an advantage in our licensing and manufacturing businesses,” chief executive Steve Molenkopf said in a Qualcomm earnings news release.
Qualcomm earnings driving 5G smartphone
Qualcomm is set for 521 wireless transition development by 2021 and beyond, Molenkopf said. Chips for smartphones, especially 5G handsets, are the biggest driver of Qualcomm’s growth.
“As the breakdown in wireless technology in G accelerates, we will continue to grow and scale closer to the front-end of our RF (radio frequency), automotive and IoT (Internet Th f Things),” he added.
In the stock market after hours trading today, Qcom stock rose 13% to close at 145.70. During the regular session, Qualcomm stock rose 2.8% to 128.97, ahead of Qualcomm earnings report.
Bkto. On October, Qualcomm stock fell from a five-week flat base to a buy point of 124.03, according to IBD Marketsmith charts.
Queue also receives a 5G wireless boost
In addition to Qualcomm earnings news, other semiconductor stocks moving ahead on quarterly reports are included. Queue (QRVO) and Sitime (SITM).
Ens kto. Greensboro, NC-based Cuevove had a .4343 share of વેચાણ 6.43 billion in sales in the second quarter of the fiscal year ended on Thursday. On a year-over-year basis, Queuez’s revenue grew 60% while sales grew 31%.
The company attributed its strong results to sales of chips for 5G and Wi-Fi 6 wireless communications.
In the current quarter, it expects adjusted earnings of 65 2.65 on sales of 0 1.06 billion. Analysts are forecasting earnings per share at 9 23,923.4 million in sales.
Cuvos stock closed 0.5% higher at 134.45 in after-hours trading on Wednesday. During the regular session, it rose 4.1% to 133.74.
Meanwhile, California. Located Syntime’s Santa Clara gained 23 cents in the third quarter on sales of .7 32.7 million. Wall Street has forecast a 15-cent share of sitime earnings on sales of Si 31.5 million.
Sitime creates micro-electromechanical systems known as MEMS for time devices in a host of electronics.
Follow Patrick Seitz on Twitter IBD_PSeitz For more stories on consumer technology, software and semiconductor stocks.
You may also like:
Zebra Technologies Stock Gale All Past Past By Zone on Third-Quarter Bit
Chipmaker Skyworks crushes financial Q4 targets, boosts outlook
IBD’s ETF Market Strategy
Buy and Watch Stocks: Top IPOs, Large and Small Caps, Growth Stocks
Look at the stocks on the list of leaders near Buy Point
