Why Shares of Qualcomm Jumped Today
Shares of Qualcomm (NASDAQ: QCOM) were up 5.5% as of 1 p.m. EDT on Thursday. Shareholders of the mobile-chip designer were benefiting from a better-than-expected quarterly earnings report the day before, as well as a rosy outlook for the summer quarter as the company said it was mitigating supply issues amid the global chip shortage.
Specifically, Qualcomm reported a 65% year-over-year increase in revenue to $8.06 billion and a 124% increase in adjusted net income to $2.2 billion during its fiscal 2021 third quarter (the three months ended June 27). Smartphone chip sales are Qualcomm's largest segment, and rapid adoption of new 5G-ready devices this year (as well as lapping depressed financial results from last spring, the start of the pandemic) accounted for the big sales jump in the third quarter.
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Source Fool.com
