In a positive turn of events, Qualcomm has provided a revenue forecast for the December quarter that exceeded expectations. This announcement has led to a surge in the company's stock during after-hours trading on Wednesday.
Q3 Earnings Beat Estimates
During the September quarter, Qualcomm reported adjusted earnings of $2.02 per share, outperforming Wall Street's consensus estimate of $1.91, according to FactSet. The company's revenue stood at $8.7 billion, surpassing analysts' expectations of $8.5 billion.
Encouraging Revenue Guidance
The most encouraging news came in the form of Qualcomm's revenue forecast for the current quarter, ending in December. The company expects to generate between $9.1 billion and $9.9 billion in revenue, exceeding the consensus estimate of $9.2 billion at the midpoint of the range.
Following the release of this optimistic outlook, Qualcomm's shares experienced a 4.4% increase during after-hours trading on Wednesday, reaching $115.73. Known for its production of mobile processors and 5G wireless chipsets, Qualcomm has seen its stock decline roughly 16% over the past three months, closely mirroring the 15% drop of the iShares Semiconductor exchange-traded fund (SOXX), which tracks the ICE Semiconductor Index.
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