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Qualcomm announced non-GAAP earnings per share of $3.23 on revenue of $10.7B. Analysts polled by Investing.com anticipated EPS of $3 on revenue of $10.44B. The numbers marked 30%+ revenue growth and 40%+ earnings growth from the prior year quarter.
The semiconductor company’s CEO, Cristiano Amon, boasted that, “QCT revenues exceed(ed) those of any fabless semiconductor company,” in the quarter, which was Qualcomm’s Fiscal year 2022 Q1.
The company’s outlook for Q2 called for $10.2-$11B in revenue and GAAP earnings of $2.39-$2.59, as well as non-GAAP earnings of $2.80-$3.00/share, vs. analyst expectations of $9.66B in revenue and $2.51 in earnings. The revenue growth would be 33.6% at the midpoint of the range, and the earnings growth over 50% using the non-GAAP number.
Qualcomm shares dropped as much as 7.5% after hours, but have recovered to be trading only 5.5% lower as of this writing, giving back the games it made during the day’s session on the back of AMD’s strong earnings report.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar
