Qualcomm Q1 Revenue Surges Up 63% - But Still Light
February 4, 2021
Qualcomm reported results for its fiscal first quarter ended December 27, 2020. The firm had earnings $2.17 per share, adjusted with only $2.10 being the consensus estimate. As to revenue, Qualcomm delivered $8.23 billion, adjusted, but $8.27 billion was expected.
“We delivered an exceptional quarter, more than doubling earnings year-over-year due to strong 5G demand in handsets and growth in our RF front-end, automotive and IoT adjacencies, which drove record earnings in our chip business,” said Steve Mollenkopf, CEO of Qualcomm Incorporated. “We remain well positioned as the 5G ramp continues and we extend our core technology roadmap to adjacent industries.”
Sales surged up 63% year-over-year while earnings rocketed 119%.