Qualcomm Q1 Earnings Highlights: Revenue Beat, EPS Beat, Q2 Guidance And More

Technology company Qualcomm Incorporated QCOM reported first-quarter financial results after the market close Wednesday.

Here are the key highlights.

What Happened: Qualcomm reported first-quarter revenue of $9.94 billion, which was up 5% year-over-year. The revenue total beat a Street consensus estimate of $9.52 billion, according to data from Benzinga Pro.

Revenue also came in ahead of previous company guidance of a range of $9.1 billion to $9.9 billion.

The company reported adjusted earnings per share of $2.75, which was up 16% year-over-year. The earnings per share beat a Street estimate of $2.37. Earning per share were also ahead of a prior guidance range of $2.25 to $2.45 from the company.

Revenue was $8.423 billion for the company's QCT segment, which was up 7% year-over-year. QTL segment revenue was $1.46 billion, which was down 4% year-over-year.

The QCT segment saw the following revenue performance by sub-sectors:

Handsets: $6.687 billion, +16% year-over-year

Automotive: $598 million, +31% year-over-year

IoT: $1.138 billion, -32% year-over-year

"We are extremely pleased to report strong quarterly results, with revenue and EPS exceeding the high end of our guidance," Qualcomm CEO Cristiano Amon said.

What's Next: Qualcomm is guiding for second-quarter revenue to be in a range of $8.9 billion to $9.7 billion. Revenue guidance ranges are $7.6 billion to $8.2 billion for QCT and $1.2 billion to $1.4 billion for QTL.

The company guides for earnings per share to come in a range of $2.20 to $2.40 for the second quarter.

"Looking ahead, we are building on this momentum with our leading Snapdragon platforms and technology differentiation in connectivity, computing and on-device generative AI, across Handsets, Automotive, PC, XR and Industrial IoT," Amon said.

QCOM Price Action: Qualcomm shares trade at $148.33 versus a 52-week trading range of $101.47 to $157.98