Qualcomm Reports Triple-Digit Profit Growth As Smartphone Demand Surges

San Diego CA

28 April, 2021

5:37 PM

Description

By Chris Jennewein, Times of San Diego April 28, 2021 San Diego-based Qualcomm's profits nearly tripled during its second fiscal quarter due to "sustained demand" for smartphones using the company's Snapdragon processors. The wireless pioneer reported a profit of $1.76 billion, or $1.53 per share, in the quarter ended March 28 — a 276% increase over the $468 million, or 41 cents per share, in the previous year's quarter. Revenue grew by 52% to $7.94 billion from $5.22 billion a year ago. "We delivered another quarter of year-over-year growth driven by sustained demand for smartphones globally and our ability to increase the scale of our non-handset revenues," said CEO Steve Mollenkopf. The results exceeded Wall Street's expectations, and Qualcomm shares rose nearly 6% to over $144 in after-hours trading following release of the earnings report. The company said it expects earnings per share to range from $1.24 to $1.44 in the current fiscal quarter. "Looking ahead, Qualcomm is well positioned for continued growth, and we remain confident in our ability to execute on the many opportunities in front of us," said Mollenkopf, who plans to step down as CEO on June 30. Times of San Diego is an independent online news site covering the San Diego metropolitan area. Our journalists report on politics, crime, business, sports, education, arts, the military and everyday life in San Diego. No subscription is required, and you can sign up for a free daily newsletter with a summary of the latest news.