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Qualcomm
shares are rising in late buying and selling Wednesday after the supplier of cell phone chips posted better-than-expected quarterly outcomes and supplied robust steerage for its present quarter, pushed by robust smartphone demand.
For the fiscal fourth quarter ended Sept 26, Qualcomm (ticker: QCOM) reported income of $9.26 billion, up 43% from a 12 months in the past. That’s above the corporate’s steerage vary of $8.4 billion to $9.2 billion and the Wall Road consensus forecast of $8.86 billion.
Adjusted non-GAAP income had been $2.9 billion, or $2.55 a share, additionally exceeding each the corporate’s steerage vary of $2.15 to $2.35 and analysts’ consensus at $2.26 a share. Below usually accepted accounting rules, the corporate earned $2.45 a share.
Income within the firm’s chip enterprise, often known as QCT, was pushed by the corporate’s handset phase, which grew 56%, to $4.68 billion. The corporate’s “RF entrance finish” enterprise, which incorporates radio chips utilized in cellular units, expanded 45% within the quarter. The IoT, or web of issues, phase grew 66%, whereas the automotive phase elevated 44%. Total QCT income was up 56%, whereas the corporate’s licensing enterprise, often known as QTL, grew 3%.
In a press release, Qualcomm CEO Christiano Amon famous that the corporate beat its 2021 monetary objectives laid out on the firm’s 2019 analyst day for each income progress and margin enlargement. “We’re properly positioned to proceed to guide in cellular and allow the digital transformation of industries with our broad portfolio of related applied sciences,” he mentioned. “Our outcomes throughout RF front-end, Automotive and IoT attest to the success of our expertise highway map and income diversification technique.”
For the total fiscal 12 months, the corporate posted income of $33.47 billion, with non-GAAP income of $9.8 billion or $8.54 a share, up from $21.65 billion and $4.19 a share a 12 months earlier.
Qualcomm sees fiscal first quarter income of between $10 billion and $10.8 billion, with non-GAAP income of between $2.90 and $3.10 a share. The Wall Road consensus had referred to as for income of $9.7 billion and income of $2.60 a share. The corporate now sees whole calendar 2021 international handset shipments starting from 500 to 550 million, narrowing the vary from a earlier forecast of 450 million to 550 million.
Qualcomm additionally mentioned it purchased again $771 million of inventory within the quarter, boosting the overall for the total 12 months to $3.4 billion.
Qualcomm shares are up 5.2% in late buying and selling.
Write to Eric J. Savitz at eric.savitz@barrons.com
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