Qualcomm Shares Are Rising: Here's Why

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.