Qualcomm Inc. (NASDAQ: QCOM) reported its financial results for the quarter ended March 31, 2020 today. The results exceeded analysts’ expectations.
Qualcomm posted a 29% drop in earnings for the second quarter of 2020 due to a negative impact from the global COVID-19 pandemic, which caused a reduction in demand for 3G/4G/5G handsets of about 21%. However, the top-line increased by 5% higher revenue from Qualcomm CDMA Technologies.
Given the uncertainty caused by the COVID-19, including the timing and pace of economic recovery, the company’s guidance for Q3 FY20 is based on a planning assumption that there will be about a 30% reduction in handset shipments relative to its prior estimates. For Q3, the company sees revenue of $4.4-5.2 billion, EPS of $0.29-0.49, and adjusted EPS of $0.60-0.80.
Past Performance
Qualcomm Q1 2020 Earnings Results QCOM Q4 2019 Earnings Performance