Mobile device chipmaker Qualcomm (QCOM) late Wednesday handily beat Wall Street’s targets for its fiscal first quarter and guided above views for the current period. QCOM stock rose in extended trading.
investors should be positioned for the year. Kristy Akullian, BlackRock director and senior member of the iShares investment strategy team, shares her take on whether Big Tech and large-cap growth stocks will continue to lead the market higher in 2024. She also explains why health care, financials and small caps are worth tracking as the market looks ahead to interest-rate stabilization.” vid-name=”These Are The Keys To Big Tech’s Continued Domination This Year, Says BlackRock” vid-cat=”Industry Insights” vid-date=”01/24/2024″ vid-date-tmsp=”1706106424″ vid-image=”https://www.investors.com/wp-content/uploads/2024/01/UIc3BJoL-640×360.jpg” vid-authors=”MEREDITH HEYMAN”>
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The San Diego-based company earned an adjusted $2.75 a share on sales of $9.94 billion in the quarter ended Dec. 24. Analysts polled by FactSet had expected Qualcomm earnings of $2.37 a share on sales of $9.51 billion. In the year-earlier period, Qualcomm earned an adjusted $2.37 a share on sales of $9.46 billion.
Qualcomm’s Q1 report marked a return to growth after four straight quarters of declining sales and earnings on a year-over-year basis. Qualcomm was hindered by a downturn in smartphone sales.
In after-hours trading on the stock market today, QCOM stock jumped 3% to 153. During the regular session Wednesday, QCOM stock advanced 1.7% to close at 148.51.
Earnings report details to follow.
Skyworks Rises After Report
Elsewhere among semiconductor stocks, Skyworks Solutions (SWKS) rose Wednesday after posting fiscal first-quarter results late Tuesday. SWKS stock ended the regular session up a fraction to 104.46.
The wireless-chip maker edged above analyst estimates for earnings on in-line sales in the December quarter. Skyworks also guided above views for sales in the current quarter.
Irvine, Calif.-based Skyworks gets most of its revenue from Apple (AAPL). The iPhone maker accounted for 73% of Skyworks’ revenue last quarter.
Skyworks ranks No. 11 out of 32 stocks in IBD’s semiconductor manufacturing industry group, according to IBD Stock Checkup. SWKS stock has a subpar IBD Composite Rating of 47 out of 99.
Meanwhile, Qualcomm ranks eighth out of 38 stocks in IBD’s fabless semiconductor industry group, IBD Stock Checkup says. QCOM stock has an IBD Composite Rating of 89.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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