Qualcomm Inc QCOM shares are trading higher Thursday after the company reported better-than-expected financial results and issued guidance above analyst estimates.
Qualcomm reported fiscal second-quarter revenue of $11.16 billion, which beat the $10.6 billion estimate. The company reported quarterly adjusted earnings of $3.21 per share, which beat the estimate of $2.91 per share.
Qualcomm said it expects fiscal third-quarter revenue to be between $10.5 billion and $11.3 billion versus the $9.98 billion estimate. The company expects adjusted earnings to be between $2.75 and $2.95 per share versus the estimate of $2.59 per share.
Related Link: Qualcomm Shares Gain Post Q2 Earnings Beat, Strong Q3 Outlook
Rosenblatt analyst Kevin Cassidy maintained Qualcomm with a Buy rating and lowered the price target from $225 to $220.
Piper Sandler analyst Harsh Kumar maintained Qualcomm with an Overweight rating and lowered the price target from $225 to $190.
QCOM 52-Week Range: $122.16 - $193.58
According to data from Benzinga Pro, the stock was up 5.77% at $142.90 at press time.
Photo: courtesy of Qualcomm.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
