Earnings: Qualcomm’s (QCOM) Q4 profit meets estimates; revenues rise 22%

Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) Wednesday reported higher earnings and revenues for the fourth quarter of 2022 as the demand for microprocessors remained high. The company also provided guidance for the first quarter of 2023.

At $11.40 billion, fourth-quarter revenues were up 22% from the prior-year quarter and above the consensus forecast. The QCT segment registered strong growth.

Net income was $2.87 billion or $2.54 per share, compared to $2.79 billion or $2.45 per share in the fourth quarter of 2021. Adjusted profit moved up to $3.13 per share from $2.55 per share last year and came in line with the Street view.

Check this space to read management/analysts’ comments on Qualcomm’s Q4 results

“We are pleased to report another strong year, despite the macroeconomic challenges, as we continue to execute our strategy of transforming Qualcomm from a wireless communications company for the mobile industry to a connected processor company for the intelligent edge,” said Qualcomm’s CEO Cristiano Amon.

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