Qualcomm saw whipsaw trade after revealing strong quarter

Qualcomm (NASDAQ:QCOM) shares saw volatile exchanges in Wednesday’s afterhours trade, as the Snapdragon chipmaker boasted strong quarterly financials.

Having closed the regular trading some 8.4% higher to around $181, Qualcomm kicked on – up as high as $193.50 – immediately after reporting results that were comfortably higher than Wall Street consensus.

It comes as the company, in its own words, is being transformed ‘from a communications company to a leading intelligent computing company’.

Revenue for its third-quarter rose to $9.39 billion, from $8.45 billion this time last year and handily higher that analyst forecasts pitched at $9.21 billion.

Earnings (adjusted) per share was reported at $2.33 for the quarter, ahead of the $2.25 pencilled in by analysts.

Net income, meanwhile, improved some 18% to $2.13 billion for the three month period, ended 23 June.

Looking ahead, Qualcomm predicted its fourth-quarter revenue between $9.5 billion and $10.3 billion, and, said it expected adjusted earnings per share to range from $2.45 to $2.65.

Today’s results reflect a “strong execution of a growth and diversification strategy”, that’s according to Qualcomm chief executive Cristiano Amon.

He added: “We are excited about the launch of our Snapdragon X Series solutions for PCs that deliver leading performance, unmatched power efficiency and personalized AI experiences.

“This launch represents a significant milestone in our transformation from a communications company to a leading intelligent computing company.”

After spiking following the release of results, pulled back somewhat and in afterhours dealing was down $2.16 or 1.2%, priced at $178.79.