Qualcomm Reports Q1 Earnings Beat

Qualcomm QCOM reported first-quarter earnings of 99 cents per share on Wednesday, which beat the analyst consensus estimate of 85 cents by 16.47%. This is a 17.5% decrease over earnings of $1.20 per share from the same period last year.

The company reported quarterly sales of $5.057 billion, which beat the analyst consensus estimate of $4.83 billion by 4.70%. This is a 5% increase over sales of $4.815 billion the same period last year.

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"Our strong fiscal first quarter financial performance reflects a significant inflection point for Qualcomm as we begin to realize the benefits from the ramp of 5G,” said CEO Steve Mollenkopf.

The company sees adjusted second-quarter EPS of 80-95 cents, compared to the 86-cent estimate, on sales of $4.9-$5.7 billion versus the $5.08 billion estimate.

Qualcomm's stock closed Wednesday at $90.91 per share and ticked higher in after-hours trading. The stock has a 52-week high of $96.17 and a 52-week low of $49.72.

Photo courtesy of Qualcomm.