Qualcomm (QCOM) is up 5% after hours tonight after the semiconductor company reported strong fiscal fourth-quarter results, surpassing analysts’ expectations with significant top-line growth and improved earnings per share. QCOM reported year-on-year revenue growth of 18.7%, driven by demand in sectors like 5G, IoT, and AI.
Fourth-quarter EPS reached $2.69, surpassing the average analyst estimate of $2.56, and revenue reached $10.24 billion against a consensus of $9.9 billion. Qualcomm also provided an optimistic outlook for the upcoming quarter, projecting EPS between $2.85 and $3.05 and revenue between $10.50 billion and $11.30 billion.
Additionally, Qualcomm announced a substantial $15 billion share buyback program, further boosting investor confidence. These developments have pushed the stock higher by more than 5% after the closing bell, adding to QCOM’s gain of 44% over the past 52 weeks.
The stock will stare down the round $180 level in tomorrow’s session, which has capped its progress since July.
Analysts don’t seem to think that short-term resistance is going to be a problem for QCOM, with the average 12-month price target on Wall Street set at $212.58 - about 23% north of today’s closing price.
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