CNBC May 1, 2024
Key Points
– Handset sales rose 1% year over year to $6.18 billion, signaling that the smartphone market may be recovering after a few years of post-Covid slumping.
– Qualcomm called out strong demand for “premium tier” or “AI-powered” smartphones that require the most advanced chips.
Qualcomm reported fiscal second-quarter earnings on Wednesday that surpassed Wall Street expectations, and provided a strong guide for the current quarter.
Shares rose about 4% in extended trading.
Here’s how it did versus LSEG consensus estimates for the quarter ended March 24:
- Earnings per share: $2.44 adjusted vs. $2.32 expected
- Revenue: $9.39 billion adjusted vs. $9.34 billion expected
Net income during the quarter was $2.33 billion, or $2.06 per share, versus $1.7...
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