Qualcomm, Inc. (NASDAQ:QCOM) posted its quarterly earnings results late Wednesday, which came in ahead of analysts’ expectations.
For its second quarter, the multinational semiconductor company unveiled adjusted earnings of 80 cents per share, which came in ahead of 70 cents per share that Wall Street expected, according to data compiled by Thomson Reuters.
On the revenue front, Qualcomm raked in $5.23 billion, which was also better than the $5.19 billion that analysts were calling for in their consensus estimate, according to data compiled by Thomson Reuters. Revenue was down about 13% year-over-year, from $6 billion to $5.2 billion, due in fact to litigation expenses from an ongoing dispute with other tech companies.
However, the company still managed to improve its wireless chip business during its second quarter, which saw revenue grow 6% to $3.9 billion. Chip sales for 3G and 4G devices were about 3% higher year-over-year, which were on the lower end of projections.
The dip prompted Qualcomm to adjust its full-year device shipment guidance down to in the range of 1.8 billion to 1.9 billion from its previous guidance of 1.85 billion to 1.95 billion.
The company added that it’s calling for third-quarter earnings of 83 cents per share, ahead of the 75 cents per share that Wall Street calls for in its outlook. Revenue is slated to be about $5.4 billion, ahead of the $5.3 billion that analysts forecast.
QCOM stock was up about 0.9% after the bell Wednesday.