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.
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.
Most Popular
Highlights of Aurora Cannabis (ACB) Q4 2020 earnings report
Aurora Cannabis, Inc. (NYSE: ACB) reported a wider loss for the fourth quarter of 2020, hurt by a 5% decrease in revenues. The company’s stock fell sharply during Tuesday’s after-hours
Infographic: Stitch Fix Q4 2020 earnings
Stitch Fix (NASDAQ: SFIX) reported fourth-quarter 2020 financial results after the closing bell on Tuesday. The company reported an 11% increase in Q4 revenues to $443.4 million, beating Wall Street
Nike Inc. (NKE) stock spikes after beating Q1 2021 estimates
Nike Inc.'s (NYSE: NKE) profit and revenue in the first quarter of fiscal 2021 surpassed the market's estimates and sent the NKE stock up by about 7% in the extended