Benzinga | Nov 3, 2021 06:58PM EDT

Why Qualcomm Shares Are Rising

QUALCOMM, Inc. (NASDAQ:QCOM) shares are trading higher after the company reported better-than-expected fourth-quarter EPS and sales results and issued first-quarter guidance.

Qualcomm reported quarterly earnings of $2.55 per share which beat the analyst consensus estimate of $2.26 by 13%. This represents a 76% increase over earnings of $1.45 per share from the same period last year.

Qualcomm also reported quarterly sales of $9.34 billion which beat the analyst consensus estimate of $8.86 billion by 5%. This is a 44% increase over sales of $6.50 billion in the same period last year.

"As of fiscal 2021, we are exceeding our 2019 Analyst Day targets for revenue growth and diversification and operating margin expansion, while more than doubling our year-over-year Non-GAAP EPS," said Cristiano Amon, President and CEO of Qualcomm Incorporated.

"We are well-positioned to continue to lead in mobile and enable the digital transformation of industries with our broad portfolio of relevant technologies. Our results across RF front-end, Automotive and IoT attest to the success of our technology roadmap and revenue diversification strategy," Amon stated.

Qualcomm has a 52-week high of $167.94 and a 52-week low of $122.16.