Qualcomm Jumps on Q4 Results

Shares of semiconductor manufacturer Qualcomm QCOM are surging in Wednesday's after hours trading session after the company reported solid results for its fiscal fourth quarter. During the regular trading session the stock lost nearly 4 percent amid a broad market decline, but in the after hours, QCOM was last up more than 7 percent to $62.44. The company said that for the current fiscal first quarter it expects non-GAAP earnings per share between $1.08 and $1.16 on revenue of $5.6 billion to $6.1 billion. This is well ahead of current consensus calling for EPS of $1.00 on revenue of $5.29 billion. For the fourth quarter, Qualcomm reported non-GAAP net income of $1.547 billion or $0.89 per share, compared to $1.372 billion or $0.80 per share, in the year ago period. This came in ahead of Wall Street consensus EPS estimates of $0.82. Total revenue in the period was $4.871 billion versus $4.117 billion last year. This also easily exceeded Street consensus of $4.67 billion.