Despite delivering an across the board weaker Q4 in 2019 compared to the last fiscal quarter of the previous year, the multinational telecommunications equipment maker still managed to beat the most recent market projections.
The company reported quarterly revenue of $4.81 billion, down from $5.83 billion a year ago.
Nevertheless, the diluted Earnings Per Share reached $0.78 in Q4, surpassing the initial market expectations of $0.71 EPS.
Thus, the deterioration of Qualcomm’s operations’ income is not as severe as previously feared, and the company even managed to register a moderate improvement.
Steve Mollenkopf, CEO of Qualcomm Incorporated, had this to say about the company’s quarterly performance:
“We delivered a strong quarter, with Non-GAAP earnings per share above the high end of our guidance range, primarily on solid performance in our QTL segment. We exit the fiscal year having successfully executed on our strategic priorities: helping to drive the commercialization of 5G globally, completing a number of important anchor license agreements and executing well across our product roadmap. Our technology and inventions leave us extremely well positioned as 5G accelerates in 2020.”
As a result of that, Qualcomm’s stock soared by 6.32 per cent during Thursday’s trading session, momentarily reaching an all-time-high at 92.50.
However, the share price fell afterwards to just above the historical resistance level at 89.98.
Qualcomm Inc. 1D Chart. Image source: Trendsharks ©, created with TradingView.com
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