Qualcomm Shares Up 5% on Q2 Earnings Beat and Raise
2022.04.28 00:27
Qualcomm Shares Up 5% on Q2 Earnings Beat and Raise
Qualcomm (NASDAQ:QCOM) shares rose nearly 5% after-hours following the company’s reported Q2 results, with EPS of $3.21 coming in better than the consensus estimate of $2.91. Revenue grew 41% year-over-year to a record $11.2 billion, compared to the consensus estimate of $10.6 billion.
QCT (Qualcomm CDMA Technologies) segment revenue grew 52% year-over-year to $9.55 billion and QTL (Qualcomm Technology Licensing) segment revenue declined 2 % to $1.58 billion.
“We are pleased to announce another quarter of record revenues, reflecting the successful execution of our growth and diversification strategy and strong demand for our wireless and high-performance, low-power processor technologies across multiple industries,” said CEO Cristiano Amon commented. “We are well positioned to meet our long-term targets and enable the connected intelligent edge.”
The company returned $1.7 billion to shareholders in the quarter, $764 million from dividends, and $951 from share repurchases.
The company provided its Q3 outlook, expecting EPS of $2.75-$2.95, compared to the consensus of $2.59, and revenue of $10.5-11.3 billion, compared to the consensus of $9.98 billion.
Shares of QCOM are down 26% year-to-date.
By Davit Kirakosyan
