Qualcomm Sales Surge 37% - Top Forecasts

July 28, 2022

Qualcomm reported results for its fiscal third quarter ended June 26, 2022.

The firm delivered EPS of $2.96, adjusted with $2.87 expected. Which was up 53% year-over-year.

On the top line, revenue came in at $10.93 billion, adjusted with $10.88 billion expected. That revenue was up 37% year-over-year.

Qualcomm is looking for between $3 and $3.30 in earnings per share during the fourth quarter on between $11 billion and $11.8 billion in sales. Investor Q4 earnings expectations were $3.23 per share and $11.87 billion in sales.

“We are pleased to report strong quarterly results, with record QCT Automotive and IoT revenues in a challenging macroeconomic environment,” said Cristiano Amon, President and CEO of Qualcomm Incorporated. “We are also excited to announce the extension of our patent license agreement with Samsung and the expansion of our strategic partnership to deliver leading premium consumer experiences for Samsung Galaxy devices. Qualcomm is well positioned to be the company bringing advanced connectivity, data processing and intelligence to the edge, enabling cloud-edge convergence.”

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