Qualcomm Soars: Stock Surges 4.5% in After-Hours Trading on Stellar Performance

Exceeded market expectations… Announcement of 21 trillion won worth of stock repurchase

(San Francisco = Yonhap News) Correspondent Taejong Kim = Shares of U.S. semiconductor company Qualcomm soared in after-hours trading due to quarterly results that exceeded market expectations and large-scale share buybacks.

Qualcomm announced on the 6th (local time) that it recorded sales of $10.28 billion (KRW 14.4 trillion) and earnings per share of $2.69 (KRW 3,768) in the fourth quarter of fiscal year 2024.

Sales exceeded Wall Street’s estimate of $9.98 billion compiled by market research firm LSGE, and earnings per share also exceeded the $2.56 estimate.

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Qualcomm estimates that in the first quarter of fiscal 2025, sales will reach $10.5 billion to $11.3 billion and earnings per share will range from $2.85 to $3.05. This also exceeds Wall Street’s expectations of $10.54 billion in sales and $2.79 in earnings per share.

Qualcomm also announced a plan to repurchase shares worth $15 billion (21 trillion won).

Qualcomm is a smartphone chip developer well known as ‘Snapdragon’ and has been providing chips to Samsung Electronics and others.

Under CEO Cristiano Amon, the company is investing intensively in the production of PC, automobile, and industrial chips beyond smartphones.

“Our strong performance reflects Qualcomm’s technology leadership across mobile phones, PCs, automotive and the Internet of Things (IoT),” said CEO Amon. “We are committed to accelerating growth and diversifying our products.”

The stock price, which rose 4.27% during the regular trading session of the New York Stock Exchange on this day, is rising 4.5% in after-hours trading after the earnings announcement. At one point, it soared up to 10%.

taejong75@yna.co.kr

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2024/11/07 07:39 Sent