Categories AlphaGraphs, Earnings, Technology

Qualcomm (QCOM) stock gains on Q3 earnings beat; clinches patent deal with Huawei

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.

Qualcomm Q3 2020 Earnings Infographic

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.

Looking forward to listening to management/analysts’ comments on Q2 results? Stay tuned here for Qualcomm’s Q2 2020 earnings call transcript 

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.

Most Popular

Key highlights from Autodesk (ADSK) Q4 2021 earnings results

Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per

Infographic: Beyond Meat (BYND) reports wider Q4 loss; Revenue up 4%

Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus

Virgin Galactic stock tanks on delayed test flight

Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000

Add Comment
Viewing Highlight