Shares of Qualcomm rose 2 percent in after-hours trading Wednesday after the San Diego wireless pioneer posted strong earnings and issued a bullish forecast for the next quarter.
The company reported net income of $1.1 billion, or 87 cents per share, in its first fiscal quarter ended Dec. 30, compared to a loss of $6.0 billion, or $4.05 per share, in the same quarter a year ago. Revenue declined, however, to $4.8 billion from $6.0 billion.
“Our fiscal first quarter results reflected continued strength in our semiconductor business, driven by strong product leadership and operating expense management,” said CEO Steve Mollenkopf.
“We continue to execute on our strategic objectives, including driving the global transition to 5G, protecting the established value of our technology and inventions and expanding into new industries and product categories,” he added.
The company forecast adjusted second-quarter earnings per share of between 65 cents and 75 cents on revenue between $4.4 billion to $5.2 billion. Wall Street had expected 68 cents per share on revenue of $4.8 billion.
The company said its results continue to be reduced because of the long-running dispute with Apple its contract manufacturers over licensing royalties.
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