Technology and chip company Qualcomm Inc (NASDAQ:QCOM) reported second-quarter financial results after the market close Wednesday. The following are key highlights for investors.
What Happened: Qualcomm reported second-quarter revenue of $9.28 billion, down 17% year-over-year. The revenue total beat a Street consensus estimate of $9.1 billion, according to data from Benzinga Pro.
The company reported earnings per share of $2.15, which was in line with estimates.
By segment, Qualcomm reported QCT revenue of $7.9 billion and QTL revenue of $1.3 billion, which were down 17% and 18% year-over-year, respectively.
In the QCT segment, handset revenue of $6.1 billion was down 17% year-over-year. The automotive segment of QCT saw revenue of $447 million, up 20% year-over-year.
“As we navigate this challenging environment, we remain focused on the critical factors we can control to emerge stronger from this downturn – our leading technology roadmap, best-in-class product portfolio, strong customer relationships and operational efficiencies,” Qualcomm CEO Cristiano Amon said.
The company repurchased 7 million shares worth $903 million in the second quarter.
Related Link: Analyst Expects Qualcomm To Make Bank Thanks To Apple And Samsung’s Love Affair
What’s Next: Qualcomm is guiding for third-quarter revenue of $8.1 billion to $8.9 billion versus a Street estimate of $9.14 billion, according to data from Benzinga Pro.
The company sees third quarter earnings per share hitting a range of $1.70 to $1.90.
“Our top priority remains to execute our diversification strategy and invest in areas that drive long-term value,” Amon said.
QCOM Price Action: Qualcomm shares are down 3% to $109.29 in after hours Wednesday.
Read Next: Exclusive: Qualcomm Sees ‘Limitless’ Opportunity Ahead In Cloud Connectivity
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