By
Mayowa Adebajo
April 10th, 2024
Qualcomm (QCOM) stock positively reacted to the optimistic figures in the company’s Q1 earnings report. The net income in that fiscal quarter was $925 million.
Leading Technology Firm Qualcomm Inc. shares experienced a new rise, as QCOM stock has managed to top the earning table on Wall Street, making the firm one of the most valuable at the moment in the stock exchange market.
Mobile technology firm and one of the very few proponents of the 5G network Qualcomm Incorporated shares rose steadily in the extended session on Wednesday as its earnings top Wall Street estimates. The technology outfit’s shares rose 3% after hours, following a 2.2% rise in the regular session, to close at $90.91
Steady Increase
Qualcomm shares have been enjoying one of the best rides on wall street lately, as its earnings have steadily increased over the course of a long period. The company reported fiscal quarter net income of $925 million, or 80 cents a share, which is a major boost, compared with $1.07 billion, or 87 cents a share, in the previous year.
Consequently, adjusted earnings were 99 cents a share, compared to $1.20 a share in the year-ago period. However, analysts expected to see this figure at the level of 86 cents a share. The revenue also steadily rose to $5.08 billion from $4.84 billion in the year-ago quarter.
The steady rise of Qualcomm’s revenue is not coming to some analysts as a surprise, as they have already forecasted the outcome a while ago. Analysts from Factset had already forecasted earnings of 85cents on revenue of $4.84 billion.
Brighter Future for Qualcomm
Qualcomm’s steady rise is not coming as a surprise to quite a lot of market analysts, as the technology giant boasts of quite a lot of features that are easily marketable, especially the 5G network that’s causing diplomatic acrimony between the United States government and the Republic of China.
Adjusted fiscal expectations second-quarter earnings of the company are at cents to 95 cents a share on revenue of $4.9 billion to $5.7 billion, while market analysts have already envisaged 86 cents a share on revenue of $5.1 billion.
Qualcomm is already playing at the top of the food chain, as the firm is among the big shots in the Internet of Things ecosystem, standing toe to toe with Samsung, Amazon and other A-list companies.
The soaring of QCOM shares in the stock market is another testimony of its acceptability and trust by the consumers.
In December 2019, Coinspeaker reported how Qualcomm stock managed to attract the attention of investors after having made a one-day 2.65% jump.