Qualcomm Inc QCOM is trading higher Thursday morning after the company announced better-than-expected financial results and issued guidance above estimates.
Qualcomm reported quarterly earnings of $1.92 per share, which beat the estimate of $1.67 per share. The company reported quarterly revenue of $8 billion, which beat the estimate of $7.55 billion.
Qualcomm said it expects fourth quarter fiscal 2021 adjusted earnings to be in a range of $2.15 to $2.35 per share. The company expects fourth quarter fiscal 2021 revenue to be in a range of $8.4 billion to $9.2 billion.
“Our solutions are fueling the connected intelligent edge that is enabling the cloud economy, and we are seeing unprecedented demand for our technologies as the pace of digital transformation accelerates," said Cristiano Amon, president and CEO of Qualcomm.
Keybanc analyst John Vinh maintained Qualcomm with an Overweight rating and raised the price target from $180 to $190 following earnings.
Price Action: Qualcomm has traded as high as $167.94 and as low as $90.57 over a 52-week period.
At last check Thursday, the stock was up 3.07% at $146.92.
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