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%.
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 chip 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.”
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.
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(Company fundamentals provided by Xignite Financials.)