Qualcomm Inc (NASDAQ:QCOM) reported first-quarter financial results, which included several company records, after the tmarket close Wednesday.
Here are the key highlights.
What Happened: Qualcomm reported record first-quarter revenue of $11.7 billion, up 17 % year-over-year. The revenue total beat a Street consensus estimate of $10.93 billion, according to data from Benzinga Pro.
The company reported first-quarter earnings per share of $3.41, a non-GAAP company quarterly record. The earnings per share beat a Street consensus estimate of $2.96.
Qualcomm’s revenue for the QCT segment was a record $10.1 billion, up 20% year-over-year. The segment revenue breaks down as follows:
This marked the sixth consecutive quarter of record revenue for the QCT automotive segment. The QCT handsets segment also had record quarterly revenue.
QTL segment revenue was $1.5 billion, up 5% year-over-year.
"We are very pleased to have achieved quarterly revenue records, which reflect the strength of ourtechnology, product roadmap and end-customer demand," Qualcomm CEO Cristiano Amon said.
The company bought back $1.8 billion in stock in the first quarter. Read Also: Qualcomm Q4 Earnings Highlights: Revenue Beat, EPS Beat, New $15 Billion Share Buyback Announced
What's Next: Qualcomm guidance calls for second-quarter revenue to be in a range of $10.3 billion to $11.2 billion.
Revenue guidance breaks down as QCT $8.9 billion to $9.5 billion and QTL $1.25 billion to $1.45 billion.
Analysts are guiding for second-quarter revenue of $10.34 billion, according to data from Benzinga Pro.
The company is guiding for second-quarter earnings per share in a range of $2.70 to $2.90, versus a Street consensus estimate of $2.69.
"We are delivering growth across our diversification initiatives and remain committed toexecuting on our fiscal 2029 targets to achieve $22 billion of non-handset revenue," Amon said.
QCOM Price Action: Qualcomm stock was trading 1.64% higher at $175.88 ahead of the close Wednesday versus a 52-week trading range of $142.43 to $230.63. Qualcomm stock is up around 21% over the past year.
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