QUALCOMM Incorporated's (QCOM) shares saw an increase of over 5% in Thursday's pre-market, reaching $174. This was following the company's reported second-quarter results which exceeded Wall Street forecasts.
The net income for the second quarter rose to $2.326 billion, or $2.06 per share, up from $1.704 billion, or $1.52 per share, compared to the same quarter last year. This increase can be attributed to a boost in revenue.
Continuing operations also saw an increase in income, reaching $2.275 billion, or $2.02 per share, compared to last year's $1.702 billion, or $1.52 per share. When excluding one-time items, earnings amounted to $2.761 billion, or $2.44 per share.
The company's revenue this quarter escalated to $9.389 billion, up from last year's $9.275 billion. According to an average of 25 analysts polled by Thomson-Reuters, the company was expected to report earnings of $2.17 per share on revenue of $9.05 billion for the quarter.
On Wednesday, QUALCOMM shares closed at $164.11, representing a fall of 1.05%. Over the past year, the stocks have traded in the range of $101.47 to $177.59.
