Chipmaker Qualcomm on Wednesday reported gross sales and earnings that topped expectations, sending its shares larger. The outcomes got here amid stronger-than-anticipated smartphone shipments and licensing income.
Why it issues: Qualcomm is a serious drive within the wi-fi trade and arguably the most important U.S.-based participant in 5G.
By the numbers: The corporate reported adjusted earnings of $1.45, above its prior steering, on adjusted income of $6.5 billion, additionally above the vary that the corporate had mentioned to count on.
Shares of Qualcomm rose in after-hours buying and selling, altering fingers just lately at $136, up $7.03, or greater than 5%.
What they’re saying: Qualcomm President Cristiano Amon advised Axios that 5G telephones are reaching scale and the corporate’s non-smartphone companies are additionally doing higher than anticipated.
“5G is sweet for Qualcomm,” he mentioned. “I feel it is a milestone quarter for us.”