Qualcomm (QCOM, Financial) has provided an optimistic sales forecast for the current fiscal quarter, signaling positive trends in the mobile device sector. The company's stock saw a significant rise in after-hours trading in response.
Qualcomm forecasts its revenue for the quarter ending in December to range from $10.5 billion to $11.3 billion, surpassing analysts' average expectation of $10.5 billion. Adjusted earnings per share are anticipated to reach up to $3.05, exceeding Wall Street predictions.
Investors are eagerly seeking signs of recovery in the smartphone market. In the fourth fiscal quarter, Qualcomm reported adjusted earnings per share of $2.69 with a 19% revenue increase to $10.2 billion, beating analysts' estimates of $2.56 per share and $9.91 billion in revenue.
Additionally, Qualcomm announced a substantial $15 billion stock repurchase plan. Following these announcements, Qualcomm's stock surged about 8% in after-hours trading. On Wednesday, the stock closed up 4.3% at $172.99, making its year-to-date increase approximately 20%.
