QUALCOMM, Inc. (NASDAQ:QCOM) reported better-than-expected earnings for its fourth quarter and issued strong guidance for the first quarter.
Revenues proved to be $8,346 million, compared to $4,814 million in the prior-year quarter. Earnings before taxes came in at $3,306 million, compared to $615 million in the prior-year quarter. Net earnings were $2,960 million, compared to $506 million in the prior-year quarter. Diluted earnings per share were $2.58, as opposed to $0.42 in the prior-year quarter.
"Our fiscal fourth-quarter results demonstrate that our investments in 5G are coming to fruition and showing benefits in our licensing and product businesses," said CEO Steve Mollenkopf.
"We concluded the year with exceptional fourth quarter results and are well positioned for growth in 2021 and beyond. As the pace of disruption in wireless technology accelerates, we will continue to drive growth and scale across our RF front-end, Automotive and IoT adjacencies."
Starting with our fourth quarter and fiscal 2020 results, Qualcomm will provide a revenue breakout by Handsets, RF front-end, Automotive and IoT for the QCT segment. The outlook is for Q1 Fiscal 2021 of $7.8 Billion - $8.6 Billion. Non-GAAP diluted earnings per share are projected in the $1.95 to $2.15 range.
"Qualcomm," the company’s press release says, "is the world’s leading wireless technology innovator and the driving force behind the development, launch and expansion of 5G. When we connected the phone to the internet, the mobile revolution was born. Today, our foundational technologies enable the mobile ecosystem and are found in every 3G, 4G and 5G smartphone."
QCOM jumped $15.19, or 11.8%,to $144.16.
