Qualcomm Rises After Beating Q2 Estimates

Qualcomm, Inc. QCOM shares are up more than 2 percent following the company’s second quarter earnings release Wednesday afternoon.

• Qualcomm reports Q2 Adj. EPS $1.34, beating estimates by $0.15
• Sales came in at $6 billion, beating estimates by $100 million
• The company sees Q3 sales in the range of $5.3B-$6.1B, Adj. EPS of $0.90-$1.15

“We delivered strong results this quarter, with healthy year-over-year growth across our QTL licensing and QCT semiconductor businesses, especially in the important automotive, networking and IoT growth areas,” CEO Steve Mollenkopf said. “Our performance reflects continued execution of our strategy to lead the mobile industry across a broad set of technologies, including advanced LTE and 5G, and accelerate our growth opportunities beyond mobile into automotive, IoT, security and networking.”

Qualcomm shares were up 2.2 percent at $53.79 in Thursday's pre-market session.