Wireless-chip maker Qualcomm (QCOM) late Wednesday trounced Wall Street’s targets for its fiscal second quarter. Qualcomm stock jumped in extended trading.
The San Diego-based company earned an adjusted $1.90 a share on sales of $7.94 billion in the quarter ended March 28. Analysts expected Qualcomm earnings of $1.67 a share on sales of $7.62 billion. In the year-earlier period, Qualcomm earned an adjusted 88 cents a share on sales of $5.22 billion.
In after-hours trading on the stock market today, Qualcomm stock rose 5.1%, near 143.50. During the regular session Wednesday, Qualcomm stock sank 1% to 136.57.
Qualcomm stock has been consolidating for the past 14 weeks after hitting an all-time high of 167.94 on Jan. 20.
Qualcomm stock ranks No. 14 out of 30 stocks in IBD’s fabless semiconductor industry group, according to IBD Stock Checkup. It has an IBD Composite Rating of 74 out of 99. The Composite Rating — an easy way to identify top growth stocks — is a blend of key fundamental and technical metrics to help investors gauge a stock’s strengths.
MaxLinear, Other Chipmakers Post Q1 Results
Early Wednesday, Silicon Labs (SLAB) delivered a beat-and-raise first-quarter report. The Austin, Texas-based company earned an adjusted 91 cents a share on sales of $255.5 million in the March quarter. On a year-over-year basis, Silicon Labs earnings rose 32% while sales climbed 19%. Silicon Labs makes wireless connectivity chips for Internet of Things applications.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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