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Qualcomm Revenue Tops Estimates on Growth

Mobile phone chip makers forecast revenue between $8.9 billion and $9.7 billion for the second quarter

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Qualcomm logged better-than-expected revenue in the latest quarter, led by growth in handsets and automotive in its QCT segment.

The mobile-phone chip maker posted net income of $2.77 billion, or $2.46 a share, for the fiscal first quarter ended Dec. 24, up from $2.24 billion, or $1.98 a share, a year earlier. Adjusted earnings were $2.75 a share, above analysts’ estimates of $2.37.

Revenue increased 5% to $9.94 billion from $9.46 billion. Analysts polled by FactSet expected $9.51 billion.

By segment, revenue in QCT rose 7% to $8.42 billion, while QTL edged down 4% to $1.46 billion. QCT’s revenue streams consist of handsets, automotive, and Internet of Things. Revenue in handsets and automotive grew 16% and 31%, respectively, from a year earlier, while IoT dived 32% during the same period.

Qualcomm, which sells communication and data-processing chips crucial in phones from Apple and Samsung, forecast revenue between $8.9 billion and $9.7 billion as well as adjusted earnings in the range of $2.20 a share to $2.40 a share for the second quarter. Analysts polled by FactSet expected $9.28 billion in revenue and adjusted earnings of $2.25 a share.

Image: Qualcomm