CEO Steve Mollenkopf said, “We delivered a strong quarter, with non-GAAP earnings per share above the high end of our prior expectations, on greater than expected chipset demand in QCT and lower operating expenses.”
“We are executing well on our strategic objectives, including driving the commercialization of 5G globally in 2019 and returning significant capital to our stockholders,” he added.
For the first quarter of 2019, Qualcomm sees adjusted EPS of 98 cents on a revenue of $6.1 billion. For the full year, the chipmaking giant predicts EPS of $1.05 – $1.15 on revenues between $4.5 billion and $5.3 billion.
Various media outlets had earlier today reported that Apple is not planning to settle the $7 billion legal battle with Qualcomm, and was mulling a trial. CEO Mollenkopf had earlier stated that he was looking for an out-of-the-court settlement.
The stock has rallied about 50% from its 52-week lows in late April to touch a new one-year high in September. However, market-wide volatility and fears of an impending semiconductor sell-off have battered QCOM as of late.
Qualcomm has also announced its plan to set up a new manufacturing engineering and testing center in Hsinchu, Taiwan. The unit is expected to become operational in the first quarter of next year.