Semiconductor stock Qualcomm Inc QCOM reported third-quarter financial results after the market close Wednesday.
Here are the key highlights.
What Happened: Qualcomm reported third-quarter revenue of $9.4 billion, up 11% year-over-year. The total beat a Street consensus estimate of $9.22 billion, according to data from Benzinga Pro.
The company reported earnings per share of $2.33, beating a Street estimate of $2.25.
By segment, the company reported $8.1 billion in revenue for QCT and $1.3 billion for QTL, up 12% and 3% year-over-year, respectively.
QCT revenue was broken down as follows:
Handsets: $5.9 billion, +12% year-over-year
Auto: $811 million, +87% year-over-year
IoT: $1.36 billion, -8% year-over-year
The company said it secured more than 10 new design wins for automotive in the third quarter.
"Our third quarter results reflect strong execution of our growth and diversification strategy, with QCT quarterly revenues and EBT margins at the high end of guidance," Qualcomm CEO Cristiano Amon said.
What's Next: Qualcomm said it will announce its new dedicated product roadmap for industrial IoT in the coming months.
"We are excited about the launch of our Snapdragon X Series solutions for PCs that deliver leading performance, unmatched power efficiency and personalized AI experiences," Amon said.
"This launch represents a significant milestone in our transformation from a communications company to a leading intelligent computing company."
Guidance from Qualcomm calls for fourth-quarter revenue in a range of $9.5 billion to $10.3 billion. The company is guiding for fourth-quarter earnings per share in a range of $2.45 to $2.65.
By segment, guidance calls for QCT revenue in a range of $8.1 billion to $8.7 billion and QTL revenue in a range of $1.35 billion to $1.55 billion.
QCOM Price Action: Qualcomm shares gained 8.39% in Wednesday’s regular trading session, closing at $180.95 versus a 52-week trading range of $104.33 to $230.63.
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Photo courtesy of Qualcomm.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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