- Qualcomm Inc. (NDAQ:QCOM) saw its shares rise nearly 10 per cent in early Thursday trading on better-than-expected adjusted earnings and strong revenue guidance
- The chipmaker stock released its financial results for Q2 fiscal 2024 and reported sales of US$9.39 billion and US$2.44 per share
- The San Diego-based tech company pointed to strong demand for smartphone features that utilize artificial intelligence and require the most advanced chips
- Qualcomm stock opened trading at US$175.47 per share
Qualcomm Inc. (NDAQ:QCOM) shares rose nearly 10 per cent early Thursday on better-than-expected adjusted earnings and strong revenue guidance.
The chipmaker stock released its financial results for Q2 fiscal 2024 and reported sales and profits above analyst expectations.
For the fiscal Q2, which ended March 24, Qualcomm’s sales and adjusted profit were US$9.39 billion and US$2.44 per share, respectively, above analyst expectations of US$9.34 billion and US$2.32, according to data from the London Stock Exchange.
The San Diego-based tech company pointed to strong demand for smartphone features that utilize artificial intelligence (AI) and require the most advanced chips.
Driven by a faster-than-expected recovery in smartphone markets, Qualcomm forecasts Q3 sales and adjusted profit with midpoints of US$9.2 billion and US$2.25 per share, beating economists’ forecasts of US$9.05 billion and US$2.17 per share, via LSEG projections.
Qualcomm Inc. develops technologies for the wireless industry, including third generation (3G), fourth generation (4G) and fifth generation (5G) wireless connectivity, and high-performance and low-power computing, including on-device AI.
Qualcomm Inc. stock (NDAQ:QCOM) opened trading at US$175.47 per share.
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