Adjusted earnings beat expectations but Qualcomm’s sales were slightly lower than what Wall Street expected, sending the stock down over 7% in extended trading.
Here’s how Qualcomm did, compared to Refinitiv consensus estimates:
- Earnings: $2.17 per share, adjusted, versus $2.10 estimated
- Revenue: $8.23 billion, adjusted, versus $8.27 billion estimated
Sales were up 63% year-over-year while earnings grew 119%.
Both revenue and earnings showed strong year-over-year growth as Qualcomm’s business has been propelled by smartphones adopting 5G, requiring its chips and intellectual property, as well as an electronics boom during the…