Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) on Wednesday reported stronger-than-expected earnings and revenues for the fourth quarter of 2021 amid continued uptick in microprocessor demand across industries. The company also provided guidance for the first quarter.
At $9.34 billion, fourth-quarter revenues were up 12% from the prior-year quarter and well above the consensus forecast. The top-line benefited from the elevated chip demand and the company’s investments in 5G.
Net income was $2.79 billion or $2.45 per share, compared to $2.96 billion or $2.58 per share in the fourth quarter of 2020. Adjusted profit moved up to $2.55 per share from $1.45 per share last year and topped the Street view.
In the past twelve months, Qualcomm’s shares dropped around 6%. Following Wednesday’s earnings announcement, the stock made strong gains in the evening, after closing the regular session higher.
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