Qualcomm Announces Q4 2020 Earnings

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On Wednesday, November 4th Qualcomm announced results for its fiscal fourth quarter which ended September 27, 2020.

At $8.35 billion, unadjusted revenues were up 73%, while adjusted profit moved up to $1.45 per share from $0.78 per share in the prior-year quarter. Net income was $2.96 billion ($2.58 per share) compared to $506 million or $0.42 per in the same quarter last year.

As a result, Qualcomm stock rose over 6% as its revenue and adjusted earnings per share beat analyst expectations.

In the official release, Steve Mollenkopf, CEO of Qualcomm Incorporated states that “Our fiscal fourth quarter results demonstrate that our investments in 5G are coming to fruition and showing benefits in our licensing and product businesses,” he continues “We concluded the year with exceptional fourth quarter results and are well positioned for growth in 2021 and beyond. As the pace of disruption in wireless technology accelerates, we will continue to drive growth and scale across our RF front-end, Automotive and IoT adjacencies.”

Apple’s fall product launch spotlighting its use of 5G technology was a testament to the bright future of companies like Qualcomm that develop it. Read our piece on the connection here.

The above numbers have been sourced directly from Qualcomm’s Investor Relations Report . This blog is distributed for general informational and educational purposes only and is not intended to constitute legal, tax, accounting or investment advice..