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Qualcomm (QCOM) Q1 2024 earnings results beat EPS & revenue expectations

Qualcomm managed to comfortably clear financial expectations in the first quarter of its fiscal year.

Donovan Erskine

January 31, 2024 1:32 PM

Qualcomm

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The busy week of earnings news continues with Qualcomm (QCOM) reporting its results for the latest quarter. The technology company managed to kick off its fiscal year in a positive fashion, beating both earning and revenue expectations for the quarter.

Qualcomm’s Q1 2024 earnings report was published at the close of markets today. The company brought in $9.9 billion in revenue, easily clearing the expectation of $9.5 billion. As for earnings-per-share, Qualcomm totaled $2.75/share against a $2.45/share expectation.

“We are extremely pleased to report strong quarterly results, with revenues and EPS exceeding the high end of our guidance,” said Cristiano Amon, President and CEO of Qualcomm Incorporated. “Looking ahead, we are building on this momentum with our leading Snapdragon platforms and technology differentiation in connectivity, computing and on-device generative AI, across Handsets, Automotive, PC, XR and Industrial IoT.”

The results of Qualcomm’s latest earnings were enough to give the stock a substantial bump in after-hours trading, reaching as high as $153.26 after ending the day at $148.51. We’re far from done with all of the earnings news that’s expected to arrive this week, so be sure to bookmark our finance topic page to keep track of it all.

Donovan Erskine

News Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Scream nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_