Qualcomm Inc. (NASDAQ: QCOM) reported stronger-than-expected earnings and revenues for the fourth quarter of 2020, driving the stock higher on Wednesday evening. The company also provided guidance for the first quarter.
At $8.35 billion, unadjusted revenues were up 73% compared to last year and far above the consensus forecast. Adjusted profit moved up to $1.45 per share from $0.78 per share in the prior-year quarter and topped the Street view.
Net income was $2.96 billion or $2.58 per share, compared to $506 million or $0.42 per share in the fourth quarter of 2019. The results benefited from the company’s investments in 5G and contributions from the licensing and product businesses.
Read management/analysts’ comments on Qualcomm’s Q4 results
After recovering from the COVID-related selloff in March, Qualcomm’s shares hit a record high last month. The stock closed Wednesday’s regular trading higher and gained further following the earnings report.