The stock of Qualcomm (QCOM) is up 7% after the semiconductor company reported financial results that beat Wall Street expectations on the top and bottom lines.
The company reported earnings per share (EPS) of $2.69 U.S., which topped analyst forecasts of $2.56 U.S.
Revenue in what was the company’s fiscal fourth quarter totaled $10.24 billion U.S. compared to $9.90 billion U.S.
Qualcomm’s success is typically tied to the smartphone industry as it makes the microchips at the heart of most high-end Android devices.
Qualcomm reported a 12% increase in handset chip sales to $6.1 billion U.S. during the quarter, which was inline with expectations.
In recent years, Qualcomm has invested heavily in producing microchips for personal computers, cars, and industrial machines, as well as smartphones.
Looking ahead, Qualcomm said it expects revenue in the current fourth quarter of the year to be in a range of $10.50 billion U.S. to $11.30 billion U.S.
That guidance is ahead of Wall Street forecasts that called for sales of $10.59 billion U.S.
The company said that its board of directors has approved $15 billion U.S. in additional buybacks over the coming year.
During its most recent quarter, Qualcomm repurchased $1.3 billion U.S. worth of shares and paid out $947 million U.S. in dividends to shareholders.
Prior to today (Nov. 7), the stock of Qualcomm had risen 23% to trade at $172.99 U.S. per share.