Qualcomm (NASDAQ: QCOM) reported first-quarter 2021 financial results after the regular market hours on Wednesday. The semiconductor manufacturer reported first-quarter revenue of $8.24 billion, up 62% year-over-year, but slightly below the Wall Street projection. Net income of $2.17 per share was, meanwhile, higher than what analysts had anticipated.
QCOM shares fell over 8% immediately following the announcement. The stock has rallied 88% in the trailing twelve months.
CEO Steve Mollenkopf said in a statement, “We remain well-positioned as the 5G ramp continues and we extend our core technology roadmap to adjacent industries.”
Notably, starting this quarter, the semiconductor firm has stopped reporting MSM chip shipments figure.