Investing.com - Qualcomm (NASDAQ:QCOM) reported on Wednesday fourth quarter earnings that beat analysts' forecasts and revenue that topped expectations.
Qualcomm announced earnings per share of $2.55 on revenue of $9.34 billion. Analysts polled by Investing.com anticipated EPS of $2.26 on revenue of $8.84 billion.
Qualcomm shares are down 9% from the beginning of the year, still down 17.54% from its 52 week high of $167.94 set on January 20. They are under-performing the Nasdaq which is up 22.68% from the start of the year.
Qualcomm shares gained 5.40% in after-hours trade following the report, climbing to $145.98.
“As of fiscal 2021, we are exceeding our 2019 Analyst Day targets for revenue growth and diversification and operating margin expansion, while more than doubling our year-over-year Non-GAAP EPS,” said Cristiano Amon, President and CEO of Qualcomm Incorporated.
“We are well positioned to continue to lead in mobile and enable the digital transformation of industries with our broad portfolio of relevant technologies. Our results across RF front-end, Automotive and IoT attest to the success of our technology roadmap and revenue diversification strategy,” added Amon.
Looking ahead, Qualcomm sees Q1 revenue at $10 billion to $10.8 billion, above the $9.73 billion consensus.
Taiwan Semiconductor had beat expectations on October 14 with third quarter EPS of $1.07 on revenue of $14.75 billion, compared to forecast for EPS of $1.04 on revenue of $14.81 billion.
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