Qualcomm Inc. (NASDAQ: QCOM) reported stronger-than-expected earnings and revenues for the third quarter of 2020, driving the stock higher on Wednesday evening. The company also announced a long-term patent agreement with China-based hardware maker Huawei.
At $4.89 billion, unadjusted revenues were down 49% compared to last year but came in above the consensus forecast. Adjusted profit moved up to $0.86 per share from $0.8 per share in the prior-year quarter and topped the Street view.
Net income was $845 million or $0.74 per share, compared to $2.15 billion or $1.75 per share in the third quarter of 2019. The results were negatively impacted by the pandemic, which affected the market for mobile handsets.
Having recovered from the COVID-related selloff in March, Qualcomm’s shares are currently trading at a record high. The stock closed Wednesday’s regular trading higher and gained further following the earnings report.