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Qualcomm beats expectations for earnings and sales, gives strong forecast for current quarter

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At the midpoint of Qualcomm’s guidance, revenue will grow slightly during the current quarter compared to last year.

Qualcomm reported fourth-quarter earnings on Wednesday that beat expectations for sales and earnings, despite big year-over-year declines, and gave a strong forecast for the current quarter.reported fourth-quarter earnings on Wednesday that beat expectations for sales and earnings, despite big year-over-year declines and gave a strong forecast for the current quarter.

Revenue during the quarter declined 24% year-over-year from $11.39 billion last year. Overall adjusted revenue for Qualcomm's fiscal year fell 19% from last year to $35.83 billion. Handset chip sales declined 27% to $5.46 billion, above Street Account expectations of $5.34 billion. They're reported as part of QCT, Qualcomm's biggest division that sells processors, which declined 26% to $7.37 billion in sales during the quarter.

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