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Qualcomm Surpasses Q3 Earnings Expectations with Strong Revenue and EPS, Stock Rises 6%

Jul 31, 2024, 08:05 PM

Qualcomm reported strong Q3 2024 earnings, surpassing market expectations with an adjusted EPS of $2.33 against the anticipated $2.25 and revenue of $9.39 billion, exceeding the forecasted $9.22 billion. The company's phone chip sales rose by 12%, contributing significantly to the revenue. Qualcomm's QCT and QTL segments also showed growth, with QCT revenue up 12% to $8.069 billion and QTL revenue up 3% to $1.273 billion. The GAAP EPS stood at $1.88. The IoT segment was down 8% this quarter but is expected to improve next quarter. The company reported EBT of $3.03 billion. Qualcomm provided an optimistic Q4 outlook, projecting revenue between $9.5 billion and $10.3 billion, and an adjusted EPS range of $2.45 to $2.65, both above analyst expectations. The positive earnings report led to a 6% increase in Qualcomm's stock price in after-hours trading.