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Qualcomm (QCOM) earnings This fall 2022

Cristiano Amon, president and CEO of Qualcomm, speaks through the Milken Institute International Convention on Might 2, 2022, in Beverly Hills, Calif.

Patrick T. Fallon | AFP | Getty Photographs

Qualcomm shares fell 7% in prolonged buying and selling on Wednesday after the chipmaker reported in-line fiscal fourth-quarter earnings however supplied poor first-quarter steerage.

Here is how the corporate did:

  • Earnings: $3.13 per share, adjusted, vs. $3.13 per share as anticipated by analysts, based on Refinitiv.
  • Income: $11.39 billion, adjusted, vs. $11.37 billion as anticipated by analysts, based on Refinitiv.

General income grew 22% year-over-year within the quarter that ended Sept. 25, based on an announcement.

With respect to steerage, Qualcomm known as for fiscal first-quarter adjusted earnings of $2.25 to $2.45 per share on $9.2 billion to $10 billion in income. Analysts polled by Refinitiv had anticipated earnings per share of $3.42 and income of $12.02 billion.

“Given the uncertainty attributable to the macroeconomic atmosphere, we’re updating our steerage for calendar 12 months 2022 3G/4G/5G handset volumes from a year-over-year mid-single-digit share decline, to a low double-digit share decline,” Qualcomm stated within the report.

“The fast deterioration in demand and easing of provide constraints throughout the semiconductor business have resulted in elevated channel stock.”

Income in Qualcomm CDMA Applied sciences, or QCT class, which incorporates smartphone chips, radio frequency front-end parts, automotive chips and web of issues gadgets, totaled $9.9 billion. That was up 28%, and it is greater than the $9.87 billion consensus amongst analysts polled by StreetAccount.

Throughout the QCT section, income from cell handsets got here to $6.57 billion, up 40% and a hair under the StreetAccount consensus of $6.59 billion. Automotive chips grew 58% on an annual foundation to $427 million. Qualcomm’s IoT enterprise, which makes low-power chips for related gadgets, grew 24% to $1.92 billion. RF front-end chips fell 20% to $992 million.

The Qualcomm Know-how Licensing, or QTL, the opposite main Qualcomm unit that is comprised of licensing charges associated to 5G and different applied sciences the corporate makes, produced $1.44 billion in income, which was up 8% however decrease than the $1.58 billion StreetAccount consensus.

On a name with buyers Wednesday, CEO Cristiano Amon stated the semiconductor business is dealing with macroeconomic headwinds “from which we’re not immune.” He added the corporate has already applied a hiring freeze and is ready to make additional reductions to working bills as wanted.

“We’re in a robust place to handle the near-term headwinds,” Amon stated.

Through the quarter, Qualcomm said it had prolonged a patent-licensing settlement with Samsung by 2030. And Arm, which offers the chip architectures Qualcomm makes use of, filed suit towards Qualcomm over breach of license agreements and trademark infringement.

However the after-hours transfer, Qualcomm shares are down 37% up to now this 12 months, whereas the broader S&P 500 index is down 20% over the identical interval.

Executives will focus on the outcomes with analysts on a convention name beginning at 4:45 p.m. ET.

That is breaking information. Please examine again for updates.

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Correction: Up to date to mirror Qualcomm reported $6.57 billion in handset income. An earlier model rounded as much as $6.6 billion.

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