Why Qualcomm Shares Are Rising After AMD's Earnings Report

QUALCOMM, Inc. QCOM shares are trading higher by 5.6% at $187.54 Wednesday afternoon in sympathy with Advanced Micro Devices, Inc. AMD after the company reported fourth-quarter earnings results. Qualcomm reports first-quarter earnings results after market close today.

AMD reported quarterly earnings of 92 cents per share which beat the analyst consensus estimate of 76 cents. The company reported quarterly sales of $4.83 billion which beat the analyst consensus estimate of $4.52 billion by 7%.

AMD also issued upbeat forecasts for the March quarter as well as the fiscal-year 2022 amid the ramp of existing products and launch of next-gen products planned for the year... Read More

According to analyst estimates, Qualcomm is likely to report quarterly earnings at $3.01 per share on revenue of $10.42 billion.

Qualcomm develops and licenses wireless technology and designs chips for smartphones.

Qualcomm has a 52-week high of $193.58 and a 52-week low of $122.16.