QUALCOMM, Inc. (NASDAQ:QCOM) shares moved higher in after-hours trading as the chipmaker reported better-than-expected fiscal fourth quarter financial results and issued strong guidance for the December quarter.
For the quarter ended September 24, 2023, Qualcomm’s adjusted earnings per share (EPS) fell 35% year-over-year from $3.13 to $2.02.
Revenue declined 24% year-over-year from $11.4 billion to $8.66 billion as a slowdown in consumer spending on electronics dragged on the iPhone-maker during the quarter.
However, both figures were ahead of the Street estimates of adjusted EPS of $1.92 on revenue of $8.55 billion.
For full-year fiscal 2023, adjusted EPS of $8.43 topped estimates of $8.32, while revenue of $35.8 billion was ahead of the expected $35.7 billion, according to Zacks Investment Research.
Also buoying Qualcomm’s shares was its strong guidance for the first quarter of fiscal 2024.
It projected revenue in the range of $9.1 to $9.9 billion, ahead of analysts’ expectations of $9.2 billion.
It also expects adjusted EPS in the range of $2.25 to $2.45, beating expectations of $2.23.
“As we enter fiscal 2024, we are pleased with our roadmap and product execution, which position us well across our businesses,” Qualcomm CEO Cristiano Amon said in a statement.
“Our recent Snapdragon Summit announcements underscore our technology leadership, establishing Qualcomm as a leader in on-device generative AI and mobile computing performance.”
Qualcomm shares added 4% at US$115.30 shortly following the release of its earnings report.
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