Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported stronger-than-expected earnings and revenues for the third quarter of 2022 amid continued uptick in microprocessor demand. The company also provided guidance for the fourth quarter of 2022.
At $10.9 billion, third-quarter revenues were up 36% from the prior-year quarter and well above the consensus forecast. The top line benefited from elevated chip demand.
Net income was $3.73 billion or $3.29 per share, compared to $2.03 billion or $1.77 per share in the third quarter of 2021. Adjusted profit moved up to $2.96 per share from $1.92 per share last year and topped the Street view.
Check this space to read management/analysts’ comments on Qualcomm’s Q3 results
Qualcomm’s shares have lost around 22% since the beginning of the year. The stock traded lower on Thursday morning, extending the post-earnings dip.