Qualcomm Shares Are Soaring in After-Hours Trading
Qualcomm shares soared in after-hours trading after the company reported third-quarter earnings, according to CNBC.
The earnings report blew past analyst expectations and the company announced it had settled with Huawei on a long-term patent agreement.
Here’s how Qualcomm did versus Refinitv's estimates.
- EPS: $0.86 (non-GAAP), vs $0.71 estimated.
- Revenue: $4.89 billion vs. $4.8 billion estimated.
Revenue remains unchanged year-over-year and diluted EPS grew 8 percent. Qualcomm has positioned itself well in the market for 5G technology. The company sells modem chips to phone manufactures and licenses patents to those using 5G tech.
Qualcomm also estimates that 5G shipments will fall by 15 percent year-over-year in the fourth-quarter ending in September. Customer delays have lead to a “global 5G handset launch.”
Qualcomm shares were up as much as 13 percent in after-hours trading.