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Qualcomm Shares Jump 10% as Q4 Earnings Beat, EPS Up Over 30%, $15B Buyback Announced

Nov 6, 2024, 09:05 PM

Qualcomm Inc. (QCOM) reported its Q4 2024 earnings after market close, surpassing analyst expectations with adjusted earnings per share (EPS) of $2.69, beating the estimate of $2.56, and revenue of $10.24 billion, exceeding the expected $9.91 billion. Net income rose to $3.04 billion, up 33% year-over-year, with EPS growing over 30% compared to the same period last year. Qualcomm's handset revenue increased 12% year-over-year to $6.1 billion. "We are pleased to conclude the fiscal year with strong results in the fourth quarter, delivering greater than 30% year-over-year growth in EPS," said Cristiano Amon, President and CEO of Qualcomm. The company provided strong guidance for Q1 2025, forecasting revenue between $10.5 billion and $11.3 billion, above the estimated $10.54 billion, and adjusted EPS between $2.85 and $3.05, compared to the estimate of $2.86. Additionally, Qualcomm approved a new $15 billion stock repurchase authorization. Following the earnings release, Qualcomm shares rose approximately 10% in after-hours trading.