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StockNews.com
StockNews.com
Business
Anushka Dutta

QUALCOMM (QCOM): Decoding Earnings for Buy Signals

QCOM B’ Qualcomm Semiconductor QUALCOMM Incorporated

Following a decline in revenue last year due to reduced demand from the PC and smartphone markets, the semiconductor industry is poised for a rebound in 2024, driven by robust growth in the memory market. According to Gartner (IT), global chip revenue is expected to grow 16.8% this year to reach $624 billion.

Against this optimistic backdrop, chipmaker QUALCOMM Incorporated (QCOM) reported its fiscal first-quarter (ended December 24, 2023) results this week. Its non-GAAP revenues grew 5% year-over-year to reach $9.92 billion, topping the $9.51 billion expected, while its adjusted EPS increased 16% from the prior-year period to $2.75 compared to the expected figure of $2.37.

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