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Key Takeaways
- Qualcomm shares rose in extended trading Wednesday after the chipmaker reported fiscal second-quarter earnings that beat analysts’ estimates.
- The company’s revenue rose 1% from a year ago to $9.39 billion, while net income grew 14% to $2.33 billion.
- The chipmaker cited strong demand from Chinese phonemakers and record Qualcomm CDMA Technologies (QCT) automotive sales as having contributed to its results.
- Qualcomm also highlighted its expanding offerings with artificial intelligence capabilities and upcoming launches.
Qualcomm ( QCOM ) shares gained over 4% in extended trading Wednesday after the chipmaker reported earnings for the second fiscal quarter that beat analysts’ estimates.
Qualcomm’s revenue for the second quarter of 2024 was $9.39 billion, a 1% increase from the year-ago period and slightly higher than estimates compiled by Visible Alpha.
Net income of $2.33 billion and diluted earnings per share (EPS) of $2.06 also beat analysts’ expectations, rising 14% and 13%, respectively, from a year earlier.
The chipmaker cited strong demand from Chinese phonemakers and record Qualcomm CDMA Technologies (QCT) automotive sales as having contributed to its results.
| Q2 2024 Actuals | Analyst Estimates for Q2 2024 | Q2 2023 | |
| Revenue | $9.39 billion | $9.35 billion | $9.28 billion |
| Diluted Earnings Per Share | $2.06 | $1.92 | $1.52 |
| Net Income | $2.33 billion | $2.14 billion | $1.7 billion |
Qualcomm also highlighted its expanding offerings with artificial intelligence capabilities and upcoming launches.
“We are excited about our continued growth and diversification, including achieving our third consecutive quarter of record QCT Automotive revenues, upcoming launches with our Snapdragon X platforms, and enabling leading on-device AI capabilities across multiple product categories,” Qualcomm CEO Cristiano Amon said in the earnings release.
The company recently announced the upcoming release of a processor capable of running artificial intelligence (AI) workloads locally on laptops, the Snapdragon X Plus.
Qualcomm said it anticipates third-quarter revenue of between $8.8 billion and $9.6 billion and diluted EPS of between $1.74 and $1.94.
Qualcomm shares were 4.2% higher at $170.65 as of 5:30 p.m. ET Wednesday following its earnings release, up nearly 18% since the start of 2024.