Qualcomm Delivered With Its Latest Quarterly Results While Also Making Big Promises

Along with announcing two new chips that promise to challenge even the mighty Apple Inc (NASDAQ: AAPL), Advanced Micro Devices Inc (NASDAQ: AMD) and Intel Corporation (NASDAQ: INTC), Qualcomm Incorporated (NASDAQ: QCOM) topped estimates with its latest quarterly results, signaling the chip market slump could be over. Upon results, Qualcomm stock rose more than 3% in extended trading as it provided a strong guidance that was supported by an optimistic China outlook, renewed contract with Apple and disclosed plans for a Microsoft Corporation (NASDAQ: MSFT)-supported and renewed push into the laptop market.

Qualcomm Topped Fiscal Fourth Quarter Estimates

On Wednesday, Qualcomm topped top and bottom-line estimates with its fourth fiscal quarter results. For the quarter that ended on September 24th, Qualcomm reported revenue of $8.67 billion that topped LSEG’s estimate of $8.51 billion despite declining 24% YoY while adjusted revenue for the fiscal year contracted 19% YoY to $35.83 billion. For the fiscal fourth quarter, ...

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