Qualcomm (QCOM, Financial) shares rose 6.94% in pre-market trading to $185. The company reported strong results for the fourth quarter of its 2024 fiscal year, with revenues reaching $10.244 billion, marking a 19% year-over-year increase and surpassing analysts' estimates of $9.91 billion. Adjusted earnings per share came in at $2.69, up 33% from the previous year, exceeding the anticipated $2.57 per share.
The semiconductor division, predominantly fueled by smartphone, automotive, and IoT chip products, generated $8.678 billion in revenue, reflecting an 18% rise compared to the prior year. Looking ahead, Qualcomm forecasts its first-quarter fiscal year 2025 revenue to be between $10.5 billion and $11.3 billion, with adjusted earnings per share projected between $2.85 and $3.05. These expectations are slightly above analysts' forecasts of $10.54 billion in revenue and adjusted earnings per share of $2.81.
In addition to the earnings announcement, Qualcomm's board has approved a new $15 billion stock repurchase authorization, which does not have an expiration date, providing further confidence to investors.
