Technology company Qualcomm Incorporated QCOM reported first quarter financial results and second quarter guidance after market close Thursday. Here are the key highlights.
What Happened: Qualcomm reported first-quarter revenue of $9.46 billion, a decline of 12% year-over-year. The company reported first-quarter earnings per share of $2.37.
The earnings per share were above the midpoint of Qualcomm’s guidance and came in ahead of a Street estimate of $2.35, according to Benzinga Pro data.
The company reported QCT revenue of $7.89 billion, down 11% year-over-year. QTL revenue was $1.52 billion in the first quarter, down 16% year-over-year.
By segment, Qualcomm’s first quarter revenue was:
- Handsets: $5.75 billion, -18% YoY
- Automotive: $456 million, +58%
- Internet of Things: $1.68 billion, +7%
The company repurchased $1.3 billion in shares in the first quarter.
“In a challenging environment, we delivered results consistent with guidance, including year-over-year growth in QCT Automotive and IoT,” Qualcomm CEO Cristiano Amon said.
Related Link: Qualcomm Launching Snapdragon Satellite: What Investors Should Know About New Product
What’s Next: Qualcomm is guiding for second quarter revenue to come in a range of $8.7 billion to $9.5 billion. Guidance is represented by QCT revenue in a range of $7.4 billion to $8 billion and QTL revenue in a range of $1.25 billion to $1.45 billion.
The company sees second-quarter earnings per share coming in range of $2.05 to $2.25.
“The long-term trends driving demand for our differentiated technologies and solutions that enable digital transformation are intact. We are confident in our ability to navigate the near term and remain focused on executing our diversification strategy, “Amon said.
Read Next: Exclusive: Qualcomm Extension With Samsung Offers New Revenue Opportunities
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