Qualcomm increased quarterly net profit by 1.8 times

The American Qualcomm Inc., one of the world’s largest manufacturers of semiconductor components, increased its net profit by 1.8 times in the third quarter of fiscal 2022, but gave a weak forecast against the backdrop of lower consumer demand due to high inflation.

For the quarter ended June 26, the company’s net income was $3.73 billion, or $3.29 per share, compared with $2.03 billion, or $1.77 per share, for the same period last year. Adjusted earnings rose to $2.96 from $1.92 per share.

Revenue shot up by 36% and reached $10.94 billion against $8.06 billion the previous year.

Analysts polled by FactSet had forecast adjusted earnings of $2.89 per share on revenue of $10.86 billion on average. Qualcomm itself expected earnings in the range of $2.75-2.95 per share on revenue of $10.5-11.3 billion

Its wireless and mobile semiconductor business, which makes 5G chips in particular, increased 59% in the quarter to $6.15 billion, beating analysts’ consensus estimate of $5.99 billion.

Sales of car chips grew by 38% to a record $350 million, sales in the Internet of Things segment grew by 31% to $1.8 billion. The results, however, turned out to be worse than analysts’ expectations in both cases (respectively $353.7 million and $1.89 billion).

Ethan Andrews

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