Qualcomm reports Q1 revenue at $8.32B

Wednesday, 03. February 2021 22:05

Qualcomm Inc.'s revenue in the first fiscal quarter of 2021 surged to $8.3 billion, marking a 62% increase compared to the same period last year, the company announced on Wednesday. Net income jumped 165% versus Q1 2020 to stand at $2.46 billion, or $2.12 per diluted share.

"We delivered an exceptional quarter, more than doubling earnings year-over-year due to strong 5G demand in handsets and growth in our RF front-end, automotive and IoT adjacencies, which drove record earnings in our chip business. We remain well-positioned as the 5G ramp continues and we extend our core technology roadmap to adjacent industries," CEO Steve Mollenkopf said in the press release.

Following the release, Qualcomm's shares fell by 7.65% in the after-hours trading.

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