Qualcomm Q4 Earnings Highlights: Revenue Beat, EPS Beat, New $15 Billion Share Buyback Announced

Qualcomm Inc QCOM reported fourth-quarter financial results and a new share buyback plan after the market close Wednesday.

Here are the key highlights.

What Happened: Qualcomm reported fourth-quarter revenue of $10.24 billion, up 19% year-over-year. The revenue total beat a Street consensus estimate of $9.91 billion, according to data from Benzinga Pro.

The company reported fourth-quarter earnings per share of $2.69, up 33% year-over-year. The earnings per share beat a Street consensus estimate of $2.56.

Qualcomm's revenue for the QCT segment was $8.68 billion, up 18% year-over-year. The segment revenue breaks down as follows:

• Handsets: $6.1 billion, +12% year-over-year
• Automotive: $899 million, +68% year-over-year
• IoT: $1.68 billion, +18% year-over-year

The company's QCT automotive segment notched a fifth consecutive record for quarterly revenue.

QTL segment revenue was $1.52 billion, up 21% year-over-year.

"We are pleased to conclude the fiscal year with strong results in the fourth quarter, delivering greater than 30% year-over-year growth in EPS," Qualcomm CEO Cristiano Amon said.

"We are excited about our recent product announcements at Snapdragon Summit and Embedded World, as they continue to extend our technology leadership and position us well across Handsets, PC, Automotive and Industrial IoT."

Read Also: Qualcomm Q4 Earnings Preview: Analysts Expect Beat And Raise; Smartphone Demand, Lost Apple Revenue Bring Cautious Outlook

What's Next: Guidance from Qualcomm calls for first-quarter revenue in a range of $10.5 billion to $11.3 billion. The company sees QCT segment revenue coming in a range of $9 billion to $9.6 billion and QTL segment revenue coming in a range of $1.45 billion to $1.65 billion.

Earnings per share guidance for the first quarter is a range of $2.85 to $3.05.

Qualcomm announced a new $15-billion stock repurchase authorization Wednesday. The new repurchase program has no expiration date and comes in addition to the October 2021 plan, which has $1 billion in authorized buybacks remaining.

"We look forward to providing an update on our growth and diversification initiatives at our Investor Day on November 19," Amon said.

QCOM Price Action: Qualcomm stock is up 5% to $173.54 on Wednesday versus a 52-week trading range of $119.15 and $230.63. Qualcomm stock is up 24% year-to-date in 2024.

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