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Key Takeaways
- Qualcomm posted fiscal fourth-quarter earnings that exceeded analysts’ expectations.
- The chipmaker also announced a $15 billion stock buyback.
- Shares surged in extended trading Wednesday following the release.
Qualcomm (QCOM) posted fiscal fourth-quarter earnings that exceeded analysts’ expectations and announced a $15 billion stock buyback, driving shares higher after the closing bell Wednesday.
The chipmaker reported fourth-quarter revenue of $10.24 billion, up 19% year-over-year and above the analyst consensus from Visible Alpha. Net income was $2.92 billion or $2.59 per share, compared to $1.49 billion or $1.32 per share a year ago and beating Wall Street projections.
The revenue gains came as handset semiconductor sales improved 12% to $6.1 billion.
Qualcomm Issues Strong Forecast, Announces Share Buyback
The company said it anticipates revenue of $10.5 billion to $11.3 billion in the current quarter, compared to the analyst consensus of $10.6 billion.
Qualcomm also announced a $15 billion share repurchase program.
The company’s stock price jumped more than 8% in extended trading following the release. Shares were up about 20% for the year through Wednesday’s close.