Qualcomm Earnings Top Views; QCOM Stock Rises

▤ Summary

Wireless chipmaker Qualcomm (QCOM) late Wednesday beat Wall Streets forecasts for its fiscal second quarter but guided lower for the current period. The San Diego-based company earned an adjusted 88 cents a share on sales of $5.22 billion in the quarter ended March 29. The pandemic "caused a reduction in demand of 3G/4G/5G handsets of approximately 21% compared with our prior expectation and on a year-over-year basis," the Qualcomm earnings news release said. For the June quarter, Qualcomm guided to adjusted earnings of 70 cents a share on sales of $4.8 billion. Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

▦ Linked Companies