Qualcomm announced its financial report for the third quarter of the year. In this context, the company exceeded investor expectations with the impact of the recovery in smartphone sales and managed to delight in the third quarter financial results.
Qualcomm last quarter earnings were 9.3 billion dollars
For the quarter ending in June, Qualcomm announced revenues of $9.39 billion. This means that it announced earnings of 2.33 dollars per share. Analysts were expecting earnings of $ 2.25 per share on revenue of $ 9.22 billion.
Smartphone chip is one of the most important investments for Qualcomm. Accordingly, chip sales increased by 12 percent compared to last year, reaching 5.9 billion dollars. The company said that demand for smartphones has started to recover after several years of decline.
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Qualcomm draws attention to the artificial intelligence features of the latest Snapdragon chips. In this context, it points to the existence of Snapdragon for AI phone. Qualcomm said IoT revenue fell 8 percent year-on-year to $1.4 billion.
Qualcomm’s revenue from the automotive segment rose 87 percent to $ 811 million, beating estimates of $ 641.7 million. The company sees automotive as a key growth driver as it looks to expand beyond smartphones.
The company has also entered the laptop market with its Snapdragon X processor in recent months. This was a landmark product for Qualcomm and met expectations in the first phase.
For the current quarter, Qualcomm forecasts revenue of $9.5-10.3 billion and earnings per share of $2.38-2.58. Investors expect revenue of $9.71 billion and earnings of $2.45. The reports will be released in two months.
