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Qualcomm spoke about the demand for 5G chips

5 November 2020
1805
2 min.
3
Qualcomm spoke about the demand for 5G chips

Qualcomm Shares

Shares in Qualcomm (QCOM) rose sharply by 15.8% after trading closed. Moreover, as the company performed much better in Q4 than Wall Street expected.

During the quarter, which has already ended, Qualcomm increased earnings per share to 86% or $1.45.

The total quarterly revenue of Qualcomm increased by 35% to $6.5 billion, which is also above the average analytical estimate of $5.93 billion. You can see the history of quarterly income and profit of Qualcomm for the last 2 years by clicking here.
Quarterly chip sales revenues jumped 38% to $5 billion, and licensed patent business generated $1.5 billion, 30% more than in 2019. Commenting on Qualcomm's quarterly report, analysts noted that the world's largest chip maker is benefiting from consumers switching from 4G smartphones to new 5G devices. Partnership with Apple (AAPL), which recently released its iPhone 12, should also benefit the supplier.

In a press release, Mollenkopf highlighted the progress made in diversifying Qualcomm's revenue outside the phone market for the entire fiscal year 2020, sales of chips to car manufacturers and Internet-connected gadgets (Internet Things segment) generated $3.67 billion.

Steven said: "Our fourth quarter results show that our 5G investment is paying off in our business".

Forecasts

Qualcomm expects revenue to grow to 7.8 billion dollars in the first quarter of the 2021 financial year. Qualcomm awaits profit for the first quarter of fiscal 2021 to grow to $7.8 billion, with an average growth rate of about 60 percent compared to the first quarter of fiscal 2020.

In the current quarter Qualcomm expects earnings per share in the range of $1.95 $2.15, the average value of which is more than twice as high as last year and also higher than analysts' forecasts of $1.68. The company expects the industry to continue to make a profitable transition to telecommunications equipment and 5G products in the coming fiscal year.

Persons1 and Companies2 in the news

Chief Executive Officer, Qualcomm Incorporated
1 place
Qualcomm
1 place
Apple
2 place
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