Qualcomm surges over 15% to reach all-time high

Donnerstag, 30. Juli 2020 21:09

Qualcomm Inc's shares soared more than 15% on Thursday to top $100 for the first time in the San Diego-based firm's history.

On Wednesday, the company released its financial report for the third fiscal quarter, managing to beat estimates despite an annual fall in revenue of 49%. Qualcomm also unveiled it reached a deal on patent licenses with Huawei that is expected to bring "approximately $1.8 billion of revenue in our fourth fiscal quarter."

The US semiconductor maker jumped 14.65% at 3:05 pm ET, trading at $106.66 per share. Previously, Qualcomm shares' all-time high that was recorded in January 2000 stood at $99.94.

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