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Qualcomm (NASDAQ: QCOM) reported stronger-than-expected fiscal Q1 results and upbeat guidance for Q2, driven by improving smartphone demand. However, shares fell over 4% in after-hours trading.
The chipmaker posted adjusted earnings per share (EPS) of $3.41 on $11.67 billion in revenue, surpassing analyst projections of $2.97 EPS and $10.03 billion revenue, according to an Investing.com poll. The better-than-expected results were fueled by a rebound in the smartphone market, boosting demand for Qualcomm’s chips.
Handset revenue rose 13% to $7.57 billion, while its automotive and Internet of Things (IoT) segments surged 61% and 36%, respectively. The company’s performance reflects a broader recovery in the semiconductor industry as mobile demand strengthens.
Looking ahead to Q2, Qualcomm expects adjusted EPS between $2.70 and $2.90 on revenue of $10.3 billion to $11.2 billion, slightly above estimates of $2.71 EPS and $10.36 billion revenue.
Despite the strong results, investor concerns about broader macroeconomic conditions and potential volatility in the semiconductor sector may have contributed to the stock’s decline. Qualcomm remains a key player in the mobile chip market, benefiting from improving handset sales and advancements in AI-powered processors.
As smartphone demand rebounds and Qualcomm expands its footprint in automotive and IoT markets, investors will closely watch how the company navigates industry challenges and macroeconomic trends.
