Qualcomm Inc QCOM is trading higher Thursday after the company announced better-than-expected fiscal fourth-quarter financial results and issued guidance.
Qualcomm reported quarterly earnings of $2.55 per share, which beat the estimate of $2.26 per share. The company reported quarterly revenue of $9.34 billion, which beat the estimate of $8.86 billion.
Qualcomm expects fiscal first-quarter non-GAAP earnings to be in a range of $2.90 to $3.10 per share. The company expects fiscal first-quarter revenue to be in a range of $10 billion to $10.8 billion.
“We are well positioned to continue to lead in mobile and enable the digital transformation of industries with our broad portfolio of relevant technologies," said Cristiano Amon, president and CEO of Qualcomm.
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Analyst Assessment: Multiple analyst firms weighed in on the stock following Qualcomm's strong financial results:
- Keybanc analyst John Vinh maintained Qualcomm with an Overweight rating and raised the price target from $175 to $185.
- Wells Fargo analyst Gary Mobley maintained Qualcomm with an Equal-Weight rating and raised the price target from $138 to $150.
- Goldman Sachs analyst Rod Hall upgraded Qualcomm from a Neutral rating to a Buy rating and raised the price target from $162 to $194.
QCOM Price Action: Qualcomm has traded as high as $167.94 and as low as $122.16 over a 52-week period.
The stock was up 10.30% at $152.74 at time of publication.
Photo: courtesy of Qualcomm.
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