Qualcomm Reports Strong Q1 Earnings Performance Qualcomm Q1 Earnings Highlights: Revenue Beat, EPS Beat, Q2 Guidance And More – Qualcomm (NASDAQ:QCOM)

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By Ronald Tech

Breaking Down the Numbers

Technology giant Qualcomm Incorporated QCOM released its first-quarter financial report following the close of the market on Wednesday.

The company outperformed market expectations as it reported a 5% year-over-year increase in revenue, reaching $9.94 billion, which exceeded the Street consensus estimate of $9.52 billion. Revenue also surpassed Qualcomm’s prior guidance of $9.1 billion to $9.9 billion.

Adjusted earnings per share stood at $2.75, reflecting a 16% year-over-year growth and surpassing the Street estimate of $2.37. This also surpassed the company’s earlier EPS projection of $2.25 to $2.45.

The company’s QCT segment revenue was $8.423 billion, up 7% year-over-year, while the QTL segment revenue was $1.46 billion, down 4% year-over-year.

The QCT segment experienced varying revenue performance across its sub-sectors: handsets revenue grew 16% year-over-year to $6.687 billion, automotive revenue increased by 31% to $598 million, and IoT revenue decreased by 32% to $1.138 billion.

Qualcomm CEO Cristiano Amon expressed delight at the strong quarterly results, stating, “We are extremely pleased to report strong quarterly results, with revenue and EPS exceeding the high end of our guidance.”

Related Link: Qualcomm Q1 Earnings Preview: Analysts Focus On Automotive Growth, AI, Stock Valuation

Looking ahead, Qualcomm anticipates second-quarter revenue to range between $8.9 billion and $9.7 billion, with QCT revenue between $7.6 billion and $8.2 billion, and QTL revenue between $1.2 billion and $1.4 billion. The company also expects earnings per share in the range of $2.20 to $2.40 for the second quarter.

Mr. Amon added, “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.”

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QCOM Price Action: Qualcomm shares are currently trading at $148.33, within a 52-week trading range of $101.47 to $157.98

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