Categories AlphaGraphs, Earnings, Technology

Qualcomm (QCOM) stock gains on Q3 earnings beat; clinches patent deal with Huawei

Qualcomm Inc. (NASDAQ: QCOM) reported stronger-than-expected earnings and revenues for the third quarter of 2020, driving the stock higher on Wednesday evening. The company also announced a long-term patent agreement with China-based hardware maker Huawei.

Qualcomm Q3 2020 Earnings Infographic

At $4.89 billion, unadjusted revenues were down 49% compared to last year but came in above the consensus forecast. Adjusted profit moved up to $0.86 per share from $0.8 per share in the prior-year quarter and topped the Street view.

Net income was $845 million or $0.74 per share, compared to $2.15 billion or $1.75 per share in the third quarter of 2019. The results were negatively impacted by the pandemic, which affected the market for mobile handsets.

Looking forward to listening to management/analysts’ comments on Q2 results? Stay tuned here for Qualcomm’s Q2 2020 earnings call transcript 

Having recovered from the COVID-related selloff in March, Qualcomm’s shares are currently trading at a record high. The stock closed Wednesday’s regular trading higher and gained further following the earnings report.

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

One thought on “Qualcomm (QCOM) stock gains on Q3 earnings beat; clinches patent deal with Huawei

Leave a Reply

Your email address will not be published. Required fields are marked *

Add Comment

Viewing Highlight