logo
  

Stock Alert: Qualcomm Shares Up 5%

Shares of Qualcomm Inc. (QCOM) are rising over 5% Thursday morning, after the company issued upbeat Q3 guidance, while reporting stellar Q2 results. The stock, which has been trading between $74.09 and $167.94 in the past one year, is currently trading at $144.03, up $7.46 or 5.46%, with trading volume of over 4.36 million versus an average volume of 11.3 million shares.

Q3 Outlook

The company projects third-quarter GAAP earnings in the range of $1.24 - $1.44 per share, non-GAAP earnings of $1.55 - $1.75 per share, with revenue between $7.1 billion and $7.9 billion. Wall Street analysts estimate earnings of $1.52 per share and revenue of $7.11 billion for the quarter.

Q2 Results

The company's Q2 GAAP net income was $1.76 billion or $1.53 per share compared to $468 million or $0.41 per share last year.

On a non-GAAP basis, net income was $2.19 billion or $1.90 per share, higher than the previous year's $1.02 billion or $0.88 per share. On average, 23 analysts polled by Thomson Reuters expected earnings of $1.67 per share. Analysts' estimate typically exclude certain special items.

Revenues for the quarter surged 52% to $7.94 billion from $5.22 billion generated a year ago. Twenty-two Wall Street analysts have a consensus revenue estimate of $7.62 billion for the quarter.

For comments and feedback contact: editorial@rttnews.com

Business News

Invest in the Best Biotech Stocks by Subscribing to RTT Biotech Investor.
Follow RTT