By Asa Fitch
Qualcomm Inc. capitalized on the global 5G rollout and Apple Inc.’s inclusion of its chips in the latest iPhone models to drive sharp increases in sales and profit.
The mobile-phone chip maker on Wednesday said its quarterly sales rose 62% from the prior-year period to $8.24 billion. Net income for the first quarter of the company’s financial year more than doubled to $2.46 billion.
The company narrowly missed Wall Street’s sales expectations of $8.27 billion, but beat the bottom line protection of net income of $2.09 billion, according to analysts surveyed by FactSet.
Qualcomm’s outlook for the current quarter of sales between $7.2 billion and $8 billion also topped Wall Street forecasts.
“We remain well positioned as the 5G ramp continues and we extend our core technology road map to adjacent industries,” Chief Executive Steve Mollenkopf said. The company had previously said Mr. Mollenkopf is retiring this year.
Write to Asa Fitch at asa.fitch@wsj.com
(END) Dow Jones Newswires
February 03, 2021 16:26 ET (21:26 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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