Qualcomm fiscal Q2 results top estimates on smartphone demand recovery

Investing.com -- Qualcomm reported Wednesday fiscal second-quarter results that topped Wall Street estimates, underpinned by improved chip sales amid an ongoing recovery in smartphone demand.

Qualcomm Incorporated (NASDAQ: QCOM) rose 4% in afterhours trading following the news.

Qualcomm reported adjusted earnings of $2.44 per share on revenue of $9.39 billion, beating projections of $2.32 and $9.34B, according to an Investing.com forecast based on a poll of analysts.

The beat on the top and bottom lines were driven by by handset chip sales rising 1% to $6.18B in Q2 from a year earlier.

For Q3, the company guided adjusted EPS in a range of $2.15 to $2.35 on revenue of revenue in the range of $8.8B to $9.6B, in-line with analyst estimates for adjusted EPS of $2.18 on revenue of $9.04B.

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