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

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.that beat expectations for sales and earnings, despite big year-over-year declines and gave a strong forecast for the current quarter.Here's how the chipmaker did for the third quarter per LSEG consensus expectations:Qualcomm said it expected adjusted earnings of between $2.25 and $2.

Qualcomm's fortunes are tied to the smartphone industry, which has been in a slump for nearly two years after the Covid pandemic created a boom in sales. It makes the processors at the heart of most high-end Android devices and many lower-end phones as well. The company's automotive business was a bright spot for QCT, increasing 15% year-over-year to $535 million in sales during the quarter, beating Wall Street expectations. It's still a small business but continues to grow as Qualcomm convinces more automakers and parts manufacturers to use its chips in cars.

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