Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) on Wednesday reported stronger-than-expected earnings and revenues for the second quarter of 2022 amid continued uptick in microprocessor demand across industries. The company also provided guidance for the third quarter.
At $11.2 billion, second-quarter revenues were up 41% from the prior-year quarter and well above the consensus forecast. The top line benefited from elevated chip demand and the company’s investments in 5G technology.
Net income was $2.93 billion or $2.57 per share, compared to $1.76 billion or $1.53 per share in the second quarter of 2021. Adjusted profit moved up to $3.21 per share from $1.90 per share last year and topped the Street view.
Check this space to read management/analysts’ comments on Qualcomm’s Q2 results
Qualcomm’s shares dropped around 27% since the beginning of the year. Following the earnings announcement, the stock made strong gains Wednesday evening, after closing the regular session higher.
Stocks you may like:
Fast-food chain McDonald’s Corporation (NYSE: MCD) on Tuesday reported an increase in adjusted earnings for the fourth quarter of 2022 when its revenues remained broadly unchanged. The company said fourth-quarter
General Motors Co. (NYSE: GM) reported fourth quarter 2022 earnings results today. Revenue increased 28.4% year-over-year to $43.1 billion. Net income attributable to stockholders increased 14.8% to $2 billion while EPS rose 19.8%
Construction-equipment manufacturer Caterpillar Inc. (NYSE: CAT) reported double-digit growth in fourth-quarter revenues and adjusted earnings. Adjusted net profit increased to $3.86 per share in the December quarter from $2.69 per