QUALCOMM Earnings: Crushes Estimates, Stock Surges

QUALCOMM Incorporated (NASDAQ:QCOM) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 6.25%.

Markets are at 5-year highs! Discover the best stocks to own. Click here for our fresh Feature Stock Pick now!

QUALCOMM Incorporated Earnings Cheat Sheet

Results: Net income increased 57.03% to $2.2 billion ($1.26 per diluted share) in the quarter versus a net gain of $1.4 billion in the year-earlier quarter.

Revenue: Rose 28.6% to $6.02 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: QUALCOMM Incorporated reported adjusted net income of $1.26 per share. By that measure, the company beat the mean analyst estimate of $1.13. It beat the average revenue estimate of $5.9 billion.

Quoting Management: “We are pleased to report record quarterly revenues, Non-GAAP EPS and MSM┬áchip shipments, driven by the growing global demand for smartphones and our industry-leading portfolio of 3G/LTE chipsets,” said Dr. Paul E. Jacobs, Chairman and CEO of Qualcomm…

…Our broad licensing partnerships and extensive chipset roadmap, including our recently announced best-in-class Qualcomm Snapdragon 800 and 600 processors, position us well for strong growth, and we are pleased to be raising our revenue and earnings guidance for fiscal 2013.”

Key Stats:

Revenue increased 23.61% from $4.87 billion in the previous quarter. Net income increased 73.09% from $1.27 billion in the previous quarter.

Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $1.05 to a profit $1.1. For the current year, the average estimate has moved up from a profit of $4.12 to a profit of $4.32 over the last ninety days.

Stocks with improving earnings metrics are worthy of your extra attention. In fact, “E = Earnings Are Increasing Quarter-Over-Quarter” is a core component of our CHEAT SHEET investing framework for this very reason. Don’t waste another minute – click here and get our CHEAT SHEET stock picks now.

(Company fundamentals provided by Xignite Financials.)