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    Qualcomm (QCOM) earnings Q4 2021

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    Cristiano Amon, president of Qualcomm and Qualcomm CDMA Technologies, responds to a question during a panel discussion on 5G wireless broadband technology during the 2018 CES in Las Vegas, Nevada, U.S. January 10, 2018.

    Steve Marcus | Reuters

    Qualcomm stock rose more than 6% in extended trading on Wednesday after the company reported its fiscal fourth-quarter earnings that exceeded analyst expectations.

    Qualcomm’s revenue also beat Wall Street expectations despite a global chip shortage, driven by a 56% year-over-year boost in smartphone chip sales.

    Here’s how Qualcomm did versus Refinitiv consensus expectations:

    • EPS: $2.55, adjusted, vs. $2.26 expected
    • Revenue: $9.3 billion, adjusted, vs. $8.86 billion expected

    Qualcomm said it expected between $10 billion and $10.8 billion in sales in the current quarter, higher than the $9.68 billion expected by analysts.

    QCT, Qualcomm’s chip business, reported $7.7 billion in revenue, up 56% year-over-year. The company attributed the growth to strong demand for chips for smartphones and handsets.

    Qualcomm’s IoT business, which produces low-power chips to connect other devices to the internet, and is part of QCT, grew 66% to $1.5 billion.

    Qualcomm’s handset business was the second strongest growing product category in the quarter ending in December, with $4.69 billion in sales. Qualcomm expects to provide chips for as many as 550 million 5G smartphones in 2022.

    QTL, the company’s profitable technology licensing division, was only up 3% on an annual basis to $1.55 billion in sales.

    This news is developing. Please check back for updates.

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