[ad_1]
- Qualcomm blows past Wall Street estimates in the fiscal fourth quarter.
- The American multinational reports £2.28 billion of net income in Q4.
- Qualcomm forecasts up to £6.63 billion of adjusted revenue in fiscal Q1.
Qualcomm Inc. (NASDAQ: QCOM) published its financial results for the fiscal fourth quarter on Wednesday that blew past Wall Street estimates. The company attributed its hawkish performance primarily to 5G product launches.
Qualcomm was reported about 15% up in after-hours trading on Wednesday. On a year to date basis, shares of the company are now close to 65% up year to date in the stock market. The stock has gained roughly 140% since March. Here’s what you need to know about the different types of stock investments.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
Qualcomm’s Q4 financial results versus analysts’ estimates
At £2.28 billion, Qualcomm said that its fourth-quarter net income came in significantly higher than £390.25 million in the same quarter last year. On an adjusted basis, the American multinational earned £1.12 per share versus the year-ago figure of 60.16 pence per share.
In terms of revenue, the San Diego-based company recorded £6.44 billion in the recent quarter versus £3.71 billion in the comparable quarter of last year. Its revenue registered at £5.01 billion on an adjusted basis in Q4.
According to FactSet, experts had forecast the company to print £4.55 billion of adjusted revenue in Q4. Their estimate for per-share earnings was capped at 90 pence. In the prior quarter (Q3), Qualcomm had posted £3.77 billion of revenue.
CEO Steve Mollenkopf’s comments on Wednesday
CEO Steve Mollenkopf commented on the earnings report on Wednesday and said:
“Our fiscal fourth-quarter results demonstrate that our investments in 5G are coming to fruition and showing benefits in our licensing and product businesses. We concluded the year with exceptional fourth-quarter results and are well-positioned for growth in 2021 and beyond.”
With several manufacturers in line to launch their 5G smartphones, including Apple Inc. that rolled out its latest iPhone only recently, Qualcomm’s financial performance is expected to jump in the new fiscal year. In separate news from the U.S., Amazon Inc gained sharply in the stock market on Wednesday in anticipation of U.S. Presidential Elections.
For the fiscal first quarter, Qualcomm now forecasts its adjusted earnings to fall in the range of £1.50 to £1.66 per share. The company expects £6.02 billion to £6.63 billion of adjusted revenue in Q1. Qualcomm did not provide guidance for the full fiscal 2021.
At the time of writing, the U.S. multinational is valued at £112.22 billion and has a price to earnings ratio of 54.52.
[ad_2]
Source link