Qualcomm's fiscal first-quarter results exceeded expectations, with the company reporting adjusted earnings per share of $3.41 against the anticipated $2.96, and revenue of $11.67 billion, surpassing the estimated $10.93 billion. This performance was driven by robust demand across its major markets, particularly in mobile handsets, which saw a 13% annual increase to $7.57 billion in sales, significantly outpacing the 5% growth expected by analysts. The company's automotive segment also showed impressive growth, with sales surging 61% to $961 million. Qualcomm's CEO, Cristiano Amon, highlighted strong demand from China for high-end smartphones and the exclusive use of Qualcomm processors in Samsung's latest Galaxy device as key contributors to the quarter's success.
Looking ahead, Qualcomm provided a sales forecast for the current quarter that topped estimates, projecting revenue between $10.2 billion and $11 billion, with the midpoint exceeding Wall Street's expectations of $10.34 billion. The company also anticipates adjusted earnings per share between $2.70 and $2.90, again surpassing the consensus estimate of $2.69. This optimistic guidance reflects continued strong demand for Qualcomm's premium-tier products and its strategic positioning in the high-end handset market.
Qualcomm's stock closed at $175.86 on February 5th, up 1.63% from the previous day's close of $173.04. However, shares fell 3.21% in after-hours trading, bringing the price down to $170.22.