Chip maker Qualcomm Inc. (QCOM) Wednesday reported second-quarter results, with both earnings and revenues trouncing Wall Street analyst estimates. The company also issued a strong outlook for its third quarter. Following the news, Qualcomm's stock gained nearly 5% in extended trading session.
San Diego, California-based Qualcomm's second-quarter profit rose 67% to $2.93 billion or $2.57 per share from $1.76 billion or $1.53 per share last year.
Adjusted earnings for the quarter were $3.66 billion or $3.21 per share, up from $2.19 billion or $1.90 per share last year. On average, 24 analysts polled by Thomson Reuters expected earnings of $2.91 per share. Analysts' estimates typically exclude special items.
Qualcomm's second-quarter revenues jumped 41% to $11.16 billion from $7.94 billion last year. Analysts had a consensus revenue estimate of $10.60 billion for the quarter.
"We are pleased to announce another quarter of record revenues, reflecting the successful execution of our growth and diversification strategy and strong demand for our wireless and high-performance, low-power processor technologies across multiple industries," said CEO Cristiano Amon. "We are well positioned to meet our long-term targets and enable the connected intelligent edge."
The company reported 52% surge in revenues in the QCT segment, which makes chips for handsets, RF front-end and automotive. While, QTL segment, the company's technology licensing division, slipped 2% to $1.58 billion.
Looking forward, the company expects third-quarter adjusted earnings of $2.75 to $2.95 per share and revenues of $10.5 billion to $11.3 billion. Analysts currently estimate earnings of $2.59 per share and revenues of $9.98 billion.
QCOM closed Wednesday's trading at $135.10, up $1.60 or 1.20%, on the Nasdaq. The stock further gained $5.90 or 4.37% in the after-hours trading.
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