Qualcomm's profit soars 116% to $1.75 per share

Wednesday, 31. July 2019 22:08

Success in design in the 5G technology segment was highlighted by Qualcomm Inc. on Wednesday as it reported turnover growth of 72.8% year over year in its fiscal third quarter to $9.64 billion. However, guidance disappointed and stocks nosedived 5% after the bell. The chipmaker, also active on the market for wireless telecommunications hardware, projected revenue on a reported basis at $4.3 billion to $5.1 billion excluding royalties due on sales of Huawei's gear. Non-GAAP top line came in at $4.89 billion, also surprising to the downside.

Apple's $4.6 billion payment from the settlement in their major intellectual property case wasn't included. Earnings surged 78.8% to $2.15 billion, translating to $1.75 per diluted share. "We delivered another solid quarter operationally in the midst of slower demand for 4G devices as the market prepares for the global transition to 5G," chief executive Steve Mollenkopf said.

Qualcomm estimated its adjusted earnings would land at between $0.65 and $0.75 per share for the fourth fiscal quarter, which lasts through September.

Related Links: Qualcomm Inc.
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