(Reuters) – Qualcomm on Wednesday reported sales and profit forecasts for the October-December period that beat Wall Street expectations, as the smartphone market rebounded from a trough and the semiconductor maker renewed a contract with Apple.
The title of the group based in San Diego, California, gained nearly 4% in after-hours stock trading.
Qualcomm said it expects revenue for the current quarter to be between $9.1 billion and $9.9 billion, with the median level exceeding analysts’ expectations of $9.2 billion, according to estimates. LSEG data.
The group expects adjusted earnings of between $2.25 and $2.45 per share in the final quarter of the year, compared to a consensus of $2.23 per share.
Looking at the July-September period, Qualcomm reported $8.67 billion in sales and adjusted earnings of $2.02 per share. Analysts on average forecast sales of $8.51 billion and adjusted earnings per share of $1.91, according to LSEG data.
The semiconductor manufacturer announced in September that it had signed a new supplier contract with Apple lasting until 2026.
(Reporting Chavi Mehta in Bangalore and Stephen Nellis in San Francisco; Jean Terzian)
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