Qualcomm Q3 Earnings Highlights: EPS Beat, Revenue Miss, Auto Segment Grows Again, Q4 Guidance And More

Semiconductor and technology company 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 $8.44 billion, which was down 23% year-over-year. The revenue total missed a Street estimate of $8.51 billion, according to data from Benzinga Pro.

The company reported earnings per share of $1.87, which beat a Street estimate of $1.81.

Qualcomm QCT segment revenue was $7.17 billion, down 24% year-over-year. QTL segment revenue was $1.23 billion, down 19% year-over-year.

The company saw its QCT Automotive segment revenue increase 13% year-over-year, marking 11 straight quarters of year-over-year double-digit percentage growth.

“We are pleased with our technology leadership, product roadmap and design-win execution, which position us well for growth and diversification in the long term,” Qualcomm CEO Cristiano Amon said.

Related Link: Qualcomm Earnings Preview: Poise To Outperform, Despite Chip Excess Concerns

What’s Next: Qualcomm sees fourth -quarter revenue coming in a range of $8.1 billion to $8.9 billion. The company sees earnings per share for the fourth quarter hitting a range of $1.80 to $2.

Analysts were guiding for fourth quarter revenue of $8.7 billion and earnings per share of $1.91, according to Benzinga Pro.

“As AI use cases proliferate to the edge, on-device AI has the potential to drive an inflection point across all our products. Qualcomm remains best positioned to lead this transition given the unmatched accelerated computing performance with the power efficiency of our platforms,” Amon said.

QCOM Price Action: Qualcomm shares are down 3.2% to $125.12 in after-hours trading Wednesday versus a 52-week trading range of $101.47 to $152.90.

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