Qualcomm CEO Steve Mollenkopf speaks to the press. Image from video

San Diego-based Qualcommm‘s stock rose more than 13% on Wall Street Wednesday following an earnings report that beat stock analysts’ expectations.

The wireless pioneer’s stock was trading at $145.70 per share after hours following a closing price of $128.97.

The company reported net income of $2.96 billion, or $2.58 per share, on revenue of $8.35 billion in the fourth fiscal quarter ended Sep. 27, compared to income of $506 million, or 42 cents per share, on revenue of $4.81 billion in the same quarter last year.

“Our fiscal fourth quarter results demonstrate that our investments in 5G are coming to fruition and showing benefits in our licensing and product businesses,” said Steve Mollenkopf, CEO of Qualcomm. “We concluded the year with exceptional fourth-quarter results and are well positioned for growth in 2021 and beyond.”

“As the pace of disruption in wireless technology accelerates, we will continue to drive growth and scale across our RF front-end, automotive and IoT adjacencies,” he added.

Qualcomm, which makes critical components for smartphones, said it expects about 200 million phones with 5G to be shipped in 2020, and about 500 million 5G phones to be shipped in 2021.

The company forecast earnings of $1.67 to $1.87 per share on revenue of $7.8 billion to $8.6 billion in the current quarter.

Last month, Qualcomm won a major court battle with the Federal Trade Commission over its technology licensing practices.

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