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Qualcomm Sales Jump on iPhone, 5G Demand Surge

Published by

December 5, 2024
(GMT+2)

Qualcomm Inc. parlayed the international 5g rise and Apple Inc’s inclusion of its chips in the latest iPhone models into an earnings jump that failed to please investors betting phone-chip sales would be even higher.The mobile-phone chip maker on Wednesday stated that its quarterly sales increased 62% from the year-ago period to $8.24 billion. Net income for the first quarter of the company’s financial year more than doubled to $2.46 billion. The company barely missed Wall Street’s sales anticipations of $8.27 billion, but beat the bottom line protection of net income of $2.09 billion, according to analysts surveyed by FactSet. Sales of chips for phones arrived a little under investor expectations that had been super-fueled by Apple’s solid earnings a week ago. Qualcomm’s stock dropped more than 8% in after-hours trading.

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