Qualcomm (NASDAQ:QCOM) reported on Wednesday second quarter earnings that beat analysts' forecasts and revenue that topped expectations.
Qualcomm announced earnings per share of $0.88 on revenue of $5.21B. Analysts polled by anticipated EPS of $0.8 on revenue of $5.07B. That with comparison to EPS of $0.77 on revenue of $4.88B in the same period a year before. Qualcomm had reported EPS of $0.99 on revenue of $5.06B in the previous quarter. Analysts are expecting EPS of $0.8 and revenue of $4.97B in the upcoming quarter.
Qualcomm shares are down 10% from the beginning of the year , still down 17.83% from its 52 week high of $96.17 set on January 17. They are under-performing the S&P 500 which is down 9.43% year to date.
Qualcomm shares gained 2.51% in after-hours trade following the report.
Qualcomm follows other major Technology sector earnings this month
Qualcomm's report follows an earnings missed by Alphabet C on Tuesday, who reported EPS of $9.87 on revenue of $41.16B, compared to forecasts EPS of $10.26 on revenue of $40.99B.
Taiwan Semiconductor had matched expectations on Saturday with first quarter EPS of $0.75 on revenue of $10.35B, compared to forecast for EPS of $0.75 on revenue of $10.32B.
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