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Qualcomm Drops Despite an Earnings, Revenue, and Guidance Beat in Q1 -Breaking

by Mike Robinson

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© Reuters. Quartile Beat by Qualcomm Revenues and Earnings

Qualcomm (NASDAQ:), Investing.com, reported its first quarter Wednesday. The results beat analyst forecasts. Shares fell over 6% during after-hours trading.

Qualcomm declared non-GAAP earnings of $3.23 per share on $10.7B revenue. Investing.com polled analysts and predicted EPS at $3 for a $10.44 billion revenue. This quarter saw a 33%+ revenue increase and an additional 40% in earnings growth compared to the preceding year.

Cristiano Amon (CEO of the semiconductor company) boasted, “QCT revenue exceed(ed), those of any fabless silicon company,” during Q1, which was Qualcomm’s fiscal year 2022 Q1.

According to the company’s Q2 outlook, $10.2-$11B would be in revenue. GAAP earnings were $2.39-$2.59 as well as earnings non-GAAP of $2.80-3.00/share. Analyst expectations for $9.66B in revenues and earnings was $2.51. This would result in a 33.6% revenue increase at the median of the range and a 50% earnings growth using non-GAAP numbers.

After hours of trading, Qualcomm shares fell as high as 7.5%, but are now only 5.5% higher as of writing. This is due to the fact that it has regained the game sales during the session, thanks to AMD’s strong earnings report.

Keep up to date with all the earnings reports coming soon by visiting Investing.com’s earnings calendar

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