Qualcomm Inc. (QCOM) has announced its financial results for the fourth quarter, showcasing a significant increase in earnings compared to the same period last year, outperforming Wall Street's expectations.
The company's net income reached $2.92 billion, translating to $2.59 per share. This marks an improvement from $1.49 billion, or $1.32 per share, recorded in the fourth quarter of the previous year.
When adjusted for certain items, Qualcomm's earnings were reported at $3.03 billion, or $2.69 per share, for the quarter.
Market analysts, according to data from Thomson Reuters, had forecasted an average earnings of $2.56 per share, generally excluding special items from their projections.
Qualcomm's revenue for the quarter increased by 18.7%, climbing to $10.244 billion compared to $8.631 billion in the preceding year.
To summarize Qualcomm Inc.'s GAAP financial performance for Q4:
- Net Earnings: $2.92 billion, up from $1.49 billion the previous year.
- Earnings per Share (EPS): $2.59, improved from $1.32 the previous year.
- Total Revenue: $10.244 billion, rising from last year's $8.631 billion.
