Technology company Qualcomm Inc QCOM reported second-quarter financial results after the market close Wednesday.
Qualcomm’s Q2 Report: Qualcomm reported non-GAAP revenue of $9.39 billion, up 1% year-over-year. The revenue total beat a Street consensus estimate of $9.34 billion, according to data from Benzinga Pro.
QCT segment revenue was $8.03 billion, up 1% year-over-year. QTL segment revenue was $1.32 billion, up 2% year-over-year.
Under the QCT segment, the following segments were broken out.
Handsets: $6.18 billion, up 1% year-over-year
Automotive: $603 million, up 35% year-over-year
IoT: $1.24 billion, -11% year-over-year
The company's automotive revenue set a quarterly record for the company. The pipeline of new automotive design wins stands at around $45 billion.
Qualcomm reported earnings per share of $2.44, which beat a Street consensus estimate of $2.32.
The company increased its quarterly cash dividend to $3.40 per share.
"We are pleased to report strong quarterly results, with EPS exceeding the high end of our guidance, Qualcomm CEO Cristiano Amon said.
Related Link: Qualcomm Q1 Earnings Highlights: Revenue Beat, EPS Beat, Q2 Guidance And More
What's Next For Qualcomm: Qualcomm said it expects third-quarter revenue to be in a range of $8.8 billion to $9.6 billion. QCT revenue is estimated in a range of $7.5 billion to $8.1 billion and QTL revenue is estimated in a range of $1.2 billion to $1.4 billion.
The third-quarter consensus revenue estimate from analysts is $9.05 billion, according to data from Benzinga Pro.
The company is guiding for third-quarter earnings per share in a range of $2.15 to $2.35 versus a Street estimate of $2.17.
"We are excited about our continued growth and diversification, including achieving our third consecutive quarter of record QCT Automotive revenues, upcoming launches with our Snapdragon X platforms, and enabling leading on-device AI capabilities across multiple product categories,” according to Qualcomm.
The company said the first wave of flagship Android smartphones with AI have launched.
QCOM Price Action: Qualcomm shares are trading at $165.21 versus a 52-week trading range of $101.47 to $177.59.
Read Next: Microsoft Set to Unveil Qualcomm-Powered AI PCs, Aiming to Surpass Apple’s MacBook Air
Photo via Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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