Qualcomm Incorporated (QCOM) reported better-than-expected fiscal Q4 results. The semiconductor company also provided upbeat fiscal Q1 guidance on the back of elevated demand for chips, which are used in phones, cars, and other internet-connected devices. Following the news, shares rose 7.5% in the extended trading session on Wednesday, after closing 2.4% higher on the day. Adjusted earnings rose 76% to $2.55 per share in Q4, easily beating Street estimates of $2.26 per share. Notably, EPS results outpaced the company’s guidance range of $2.15-$2.35 per share. In other positive news, total adjusted revenues surged 43% year-over-year to $9.32 billion and surpassed the consensus estimate of $8.86 billion.
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QUALCOMM (NASDAQ:QCOM)
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