Source: www.investors.com --- Wednesday, July 20, 2016
Qualcomm ( QCOM ) stock rocketed late Wednesday after the Apple ( AAPL ) chip supplier reported fiscal Q3 sales and earnings that crushed analysts' views, with the company citing "meaningful progress with licensees in China." Qualcomm current-quarter guidance also beat Wall Street views. CEO Steve Mollenkopf also noted growth in Qualcomm's chip set business with strong new product ramps, particularly with "fast-growing OEMs in China." He expressed confidence in Qualcomm's investments in 5G, the next advance in broadband beyond the current cutting-edge 4G, which he said should drive long-term earnings growth. In after-hours trading, Qualcomm stock lifted 7%, after the company's earnings announcement and after closing up 1.2% at 55.82 during the regular session. Shares are up 12% for the year after falling more than 30% in 2015. For its fiscal Q3 ended June 26, Qualcomm reported $6 billion in sales ex items and $1.16 earnings per share ex items, up a respective 3% and 17% vs. the year-earlier quarter. Both metrics easily topped the consensus of 33 analysts polled by Thomson Reuters for $5.58 billion and 97 cents. Current-quarter guidance for $5.4 billion to $6.2 billion in sales and $1.05 to $1.15 EPS ex items would be up 6% and 20%, respectively, vs. last year. At the midpoint, Qualcomm's sales and EPS guidance topped analysts' model for $5.7 billion and $1.08. Qualcomm stock has a middling IBD Composite Rating of 47, meaning it u ...
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