Qualcommannounced its financial report for the third quarter of the year. In this context, the company exceeded investor expectations thanks to the recovery in smartphone sales and managed to please with its third quarter financial results.
Qualcomm’s last quarter earnings were $9.3 billion
For the quarter ending June Qualcomm; $9.39 billion revenue announced that he got it. This means it posted earnings of $2.33 per share. Analysts expected earnings of $2.25 per share on revenue of $9.22 billion.
One of the most important investments for Qualcomm is the smartphone chip. Accordingly, chip sales increased by 12 percent compared to last year, reaching 5.9 billion dollars. The company stated that demand for smartphones has begun to recover after several years of decline.
Qualcomm draws attention to the artificial intelligence features of the latest Snapdragon chips. In this context, AI points to the existence of Snapdragon for the phone. Qualcomm said its IoT revenue fell 8 percent year over year to $1.4 billion.
Qualcomm’s revenue from the automotive segment rose 87 percent to $811 million, beating estimates of $641.7 million. The company sees automotive as a key growth driver as it tries to move beyond smartphones.
The company also entered the laptop market with the Snapdragon X processor in recent months. This product, which was a turning point for Qualcomm, met expectations in the first stage.
Qualcomm is forecasting revenue of $9.5-$10.3 billion and earnings of $2.38-$2.58 per share for the current quarter. Investors expect revenue of $9.71 billion and earnings of $2.45. Let us note that the reports will be announced in two months.
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