Qualcomm upbeat and optimistic about future sales
Qualcomm has told investors it is optimistic about smartphone sales in its next quarter, after its previous quarter beat Wall Street expectations.
The smartphone microchip maker reported net income of $2.33 billion, up from $1.7 billion this time last year, whilst revenue increased modestly to $9.39 billion from $9.28 billion.
Handset sales grew by only 1%, to $6.18 billion though sales in the 'Internet-of-Things' sector were down 11% in year-on-year comparisons, to $1.24 billion.
Chip sales for the automotive sector grew strongly with revenue up by 35% from a year ago to $603 million.
Looking forward, Qualcomm is optimistic about the next quarter, projecting revenues between $8.8 billion and $9.6 billion.
On Wall Street, Qualcomm stock climbed nearly 4% in 'afterhours' trading following the release of it financial results statement.
Explore Bias
Financial media reports mainly focus on Qualcomm's positive financial performance, compared to previously published market expectations.
The reporting has less emphasis on any potential challenges or negative aspects, particularly the decline in the Internet-of-Things sector.
Initial reporting of the financial results will likely, in the coming days, be developed further with more detailed and expert analysis once financial institutions look more closely at the figures.
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- "Qualcomm Gives Solid Outlook in Sign of Smartphone Recovery" - Yahoo! Finance / Bloomberg
- "Qualcomm posts strong earnings, raises quarterly dividend" - Proactive
