Published , by Ozzie Mejia
Published , by Ozzie Mejia
To help kick off a busy earnings day, chip manufacturer Qualcomm has issued its earnings report for Q4 2023. The company managed to surpass both its expected revenue number and its EPS expectations.
Qualcomm (QCOM) reported in with a revenue figure of $8.665 billion USD. That total is higher than the $8.5 billion revenue consensus estimate projected by Wall Street. It is higher than the $8.45 billion reported in Q3 2023, but still significantly lower than the $9.2 billion figure that was reported back in Q2 2023. The reported $2.02/share Non-GAAP EPS surpassed both Wall Street's expected $1.91/share figure and the $1.78/share whisper number. According to CNBC, Qualcomm is projecting increased revenue year-over-year for next quarter on the strength of its artificial intelligence and automotive divisions. Speaking of Qualcomm's AI endeavors, the company previously announced the Snapdragon X series of chips boasting improved AI capabilities, which will help increased overall processing speed in PCs and laptops.
"As we enter fiscal 2024, we are pleased with our roadmap and product execution, which position us well across our businesses," Qualcomm President and CEO Cristiano Amon said via press release. "Our recent Snapdragon Summit announcements underscore our technology leadership, establishing Qualcomm as a leader in on-device generative AI and mobile computing performance."
Qualcomm finished the trading day up $1.90/share. The stock took a big jump in the moments following the release of Wednesday's earnings report and continues to hover at about $115.00/share in after-hours trading.
We'll continue to watch for any major news coming out of Qualcomm. Be sure to follow the Qualcomm topic page for the latest updates.