Qualcomm posted its third quarter earnings that topped analysts’ expectations on solid revenue growth.
Quarterly non-GAAP earnings for the quarter were $2.96 per share, growing from the year-ago quarter’s $1.92 per share. The bottom line also surpassed the Zacks Consensus Estimate by 10 cents.
Non-GAAP revenues in the reported quarter were $10,928 million compared with consensus expectation of $10,881 million.
Revenues from Qualcomm CDMA Technologies (QCT) grew +45% year over year to $9,378 million in the quarter, driven by handsets and higher demand in adjacent platforms beyond mobile (RF front-end, automotive and IoT).
Qualcomm Technology Licensing (QTL) revenues were up +2% to $1,519 million, on improvement in licensing revenues. The company has extended its patent license agreement with Samsung by seven years through the end of 2030.
For the fourth quarter of fiscal 2022, Qualcomm projects non-GAAP earnings in the range of $3-$3.30 per share, while GAAP earnings are expected be $2.53-$2.83 per share. The company predicts GAAP revenues of $11-$11.8 billion. Revenues from QTL could be between $1.45 billion and $1.65 billion, according to the firm’s forecasts. Revenues from QCT is expected to be between $9.5 billion and $10.1 billion.