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.
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