Qualcomm delivers fiscal Q1 beat as handset chip sales rebound By Investing.com

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Investing.com — Qualcomm on Wednesday reported fiscal first-quarter results that topped Wall Street estimates as a recovery in smartphone demand boosted handset chip sales.       

Qualcomm Incorporated (NASDAQ:) shares were down 1% after swinging between gains and losses in after-hours trade following the report.

The chipmaker  adjusted EPS of $2.75 on revenue of $9.92 billion. Analysts polled by Investing.com anticipated EPS of $2.37 on revenue of $9.49B.

The better-than-expected results were boosted by a 16% jump in handset chip sales to $6.69B, compared with a 27% slip in the prior quarter. 

QCT, or Qualcomm CDMA Technologies, semiconductor business, which includes handsets, automotive and IoT endmarkets, rose 7% to $8.42B, with the latter segment keeping a lid on growth after falling 32%.  

For Q2, the company forecasts adjusted EPS in a range of $2.20 to $2.40 on revenue in a range of $8.9B to $9.7B, compared with Wall Street estimates of $2.25 on revenue of $9.28B, respectively. 


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