Qualcomm Incorporated (QCOM) reported a revenue of $10.9 billion for the third quarter ending 30 June 2022, +37.3% higher than last year’s revenue of $8 billion.
Qualcomm Incorporated (QCOM) revenue of $10.9 billion for the latest quarter was 37.3% higher than last year’s revenue of $8 billion for the same period, beating estimates of $10.8 billion, but less than last quarter’s revenue of $11 billion. The biggest contributor was the company’s handset segment ($6.15 billion), followed by the IoT segment ($1.83 billion), licensing ($1.51 billion) and automotive (350 million). QCOM recently signed a seven-year deal extension (until 2030) with South Korean electronics giant Samsung for supplying chips for its premium Galaxy handsets, PCs, tablets and other electronics including extended reality devices.
Net income was $3.7 billion, +96% higher YoY from $1.9 billion, improving on last quarter’s net income of $3.2 billion and beat estimates of $3.5 billion. The CEO, Cristiano Amon, stated the company is “disciplined” and “positioned well” for the long-term, with aims to increase the total addressable market by seven times to $700 billion in the upcoming decade.
EPS was $2.57, 53% higher than last year’s EPS of $1.68, but below last quarter’s $2.9 and estimates of $2.86. The company provided guidance for the upcoming quarter with revenue to range between $11 to $11.8 billion compared to estimates of $11.86 billion, and EPS to range between $3.00 to $3.30, with estimates of $3.25.
QCOM’s share price fell nearly 4% on the news of fourth-quarter guidance, to close at $153.42. Analysts have a relatively positive outlook, with 28 of the 39 (72%) analysts covering the stock recommending a buy position, while the remaining have a hold recommendation. The consensus estimate on the share price of the stock in the next twelve months is $188.16.
