Qualcomm Reports Strong Second Quarter Results
Qualcomm Inc. (QCOM) reported its second-quarter financial results after the market close on Wednesday. The company exceeded analysts' expectations, with non-GAAP revenue of $9.39 billion, up 1% year-over-year. This beat the Street consensus estimate of $9.34 billion.
QCT segment revenue: $8.03 billion (up 1% year-over-year)
$1.32 billion (up 2% year-over-year)
Qualcomm's automotive revenue set a new quarterly record for the company. The pipeline of new automotive design wins stands at around $45 billion.
Qualcomm reported earnings per share of $2.44, exceeding the Street consensus estimate of $2.32.
The company increased its quarterly cash dividend to $3.40 per share.
"We are pleased to report strong quarterly results, with EPS exceeding the high end of our guidance," said Qualcomm CEO Cristiano Amon.
Qualcomm expects third-quarter revenue to be in a range of $8.8 billion to $9.6 billion. QCT revenue is estimated in a range of $7.5 billion to $8.1 billion, and QTL revenue is estimated in a range of $1.2 billion to $1.4 billion. The third-quarter consensus revenue estimate from analysts is $9.05 billion.
The company is guiding for third-quarter earnings per share in a range of $2.15 to $2.35, compared to a Street estimate of $2.17.
"We are excited about our continued growth and diversification, including achieving our third consecutive quarter of record QCT Automotive revenues, upcoming launches with our Snapdragon X platforms, and enabling leading on-device AI capabilities across multiple product categories," said Qualcomm.
The company also announced that the first wave of flagship Android smartphones with AI have launched.
QCOM shares are currently trading at $165.21, within a 52-week trading range of $101.47 to $177.59.