Smartphone chipmaker Qualcomm released its fourth-quarter earnings that beat Wall Street estimates across the board. The company also shared stronger guidance for the current quarter.
Qualcomm’s revenue in Q4 showed $10.24 billion versus the $9.90 billion expected by analysts, while its adjusted earnings per share came at $2.69 compared to an estimated $2.56. For full fiscal 2024, the company had revenue of $33.19 billion, marking a 9% increase from the year before.
Qualcomm also expects its current quarter to be more successful than previously expected. It forecasts revenue in the range between $10.5 billion and $11.3 billion for the first quarter of fiscal 2025, while analysts estimate $10.59 billion.
While Qualcomm has been primarily known as a supplier of chips for smartphones, its CEO Cristiano Amon said that the company will continue to branch out and increase its focus on producing semiconductors for personal computers (PC), industrial machines, and cars.
“We will continue to transform Qualcomm from a wireless communications company into a connected computing company for the age of AI,” Amon said during the earnings call with analysts.
Qualcomm’s stock received a strong boost after the earnings release, surging by 7%. The company’s shares were already 23.36% up year-to-date before the jump.