When Qualcomm Inc. (NASDAQ: QCOM | QCOM Price Prediction) reported fiscal second-quarter financial results after markets closed Wednesday, the fabless semiconductor maker said that it had $0.88 in earnings per share (EPS) and $5.21 billion in revenue, compared with consensus estimates that called for $0.79 in EPS and revenue of $5.09 billion. The same period of last year reportedly had EPS of $0.77 on $4.88 billion in revenue.
During the second quarter, the company returned $2.3 billion to stockholders, including $705 million, or $0.62 per share, of cash dividends paid and $1.6 billion through repurchases of 20.0 million shares of common stock.
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In terms of its segments, Qualcomm reported:
- QCT revenues increased 10% year over year to $4.1 billion, with earnings before taxes (EBT) of $667 million.
- QTL revenues decreased 4% to $1.07 billion, with EBT of $671 million.
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Looking ahead to the fiscal third quarter, the company expects to see EPS in the range of $0.60 to $0.80 and revenue between $4.4 billion and $5.2 billion. Consensus estimates call for $0.75 in EPS and $4.89 billion in revenue for the coming quarter.
Steve Mollenkopf, CEO of Qualcomm, commented:
We executed extremely well in the second fiscal quarter, with strong Non-GAAP results in line with our guidance, demonstrating the strength of our business model and the resilience of our team to respond quickly to the unique challenges presented by the global pandemic.
Qualcomm stock traded down over 1% at $77.75 on Thursday, in a 52-week range of $58.00 to $96.17. The consensus price target is $89.66.
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