Qualcomm Inc (NASDAQ:QCOM) reported second-quarter financial results after market close Wednesday.
Here are the key highlights.
What Happened: Qualcomm reported second-quarter revenue of $10.84 billion, up 15% year-over-year. The revenue total beat a Street consensus estimate of $10.65 billion, according to data from Benzinga Pro.
The company reported second-quarter non-GAAP earnings per share of $2.85, up 17% year-over-year. The total beat a Street consensus estimate of $2.81.
Qualcomm has now beaten analyst estimates for revenue in eight straight quarters and for earnings per share in seven straight quarters.
Qualcomm's revenue for the QCT segment was $9.47 billion, up 18% year-over-year. The segment revenue breaks down as follows:
- Handsets: $6.93 billion, +12% year-over-year
- Automotive: $959 million, +59% year-over-year
- IoT: $1.58 billion, +27% year-over-year.
QTL segment revenue was $1.32 billion, flat compared to last year.
"We are pleased to report another quarter of strong results," Qualcomm CEO Cristiano Amon said.
What's Next: Qualcomm is guiding for third-quarter revenue to come in a range of $9.9 billion to $10.7 billion. Analysts expect $10.35 billion, according to data from Benzinga Pro.
The company's guidance includes QTL revenue in a range of $1.15 billion to $1.35 billion and QCT revenue in a range of $8.7 billion to $9.3 billion.
Qualcomm is guiding for third-quarter earnings per share in a range of $2.60 to $2.80 versus an analyst estimate of $2.67.
"As we navigate the current macroeconomic and trade environment, we remain focused on the critical factors we can control – our leading technology roadmap, best-in-class product portfolio, strong customer relationships and operational efficiencies," Amon said.
Amon said the company's top priorities are executing on its diversification strategy and continuing to invest in areas that drive long-term value.
QCOM Price Action: Qualcomm stock was trading at $146.96 ahead of Wednesday's close versus a 52-week trading range of $120.80 to $230.63.
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