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Qualcomm Inc (Nasdaq: QCOM) is trading up in extended hours on Wednesday after reporting market-beating results for its fiscal first quarter.

Qualcomm’s guidance for the current quarter

The stock is in the green also because the chipmaker issued in-line revenue guidance for the future. Qualcomm now forecasts its revenue to fall between $8.9 billion and $9.7 billion in its current financial quarter on $1.73 to $1.93 of per-share earnings (adjusted).

Analysts, in comparison, were at a $2.25 share on $9.3 billion in revenue. Cristiano Amon – the chief executive of Qualcomm Inc said in a press release today:

We’re building on momentum with our Snapdragon platforms and tech differentiation in connectivity, computing, and on-device Gen AI, across handsets, automotive, PC, XR and Industrial IoT.

Handset chip shipments brought in $6.69 billion for the Nasdaq-listed firm in Q1 – up 16% year-over-year. QCOM is now up nearly 50% versus its low in late October.

Notable figures in Qualcomm Q1 earnings release

• Earned $2.77 billion versus the year-ago $2.24 billion
• Per-share earnings also climbed from $1.98 to $2.48
• Adjusted EPS printed at $2.75 as per the earnings report
• Revenue jumped % year-over-year to $9.92 billion
• Consensus was $2.37 a share on $9.51 billion in revenue

Qualcomm took a 4.0% hit to revenue in its QTL licensing segment which was more than offset by a 7.0% increase in revenue from its QCT semiconductor business. Both segments came in ahead of estimates.

We’re extremely pleased to report strong quarterly results, with revenues and EPS exceeding the high end of our guidance.

Qualcomm should release two chips in March. To be precise, they are different frequency versions of the same chip. They share the internal development codename Cliffs, which is the 7675/8635 that has been rumored. Both fully inherit the Snapdragon 8Gen3 architecture, and their…

— ICE UNIVERSE (@UniverseIce) January 31, 2024

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