Qualcomm Earnings and Revenue Beat Estimates. The Stock Is Rising.

Qualcomm provided a higher-than-expected revenue forecast for the December quarter at the midpoint of its guidance range, sending its stock higher in after-hours trading Wednesday.

For the September quarter, Qualcomm reported adjusted earnings of $2.02 a share, compared with Wall Street’s consensus estimate of $1.91, according to FactSet. The good news was the guidance. Qualcomm gave a revenue forecast for the current quarter, ending in December, of $9.1 billion to $9.9 billion—which was above the consensus of $9.2 billion at the midpoint of the range.

Qualcomm shares rose 4.4% to $115.73 in after-hours trading Wednesday following the release. The company is a maker of mobile processors and 5G wireless chipsets. Qualcomm shares have fallen about 16% over the past three months, roughly in line with the 15% drop of the iShares Semiconductor exchange-traded fund , which tracks the ICE Semiconductor Index.

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