Qualcomm: 1Q21 revenue of US$8.235 billion, up 62% year-on-year, lower than expected

On February 4, 2021, Qualcomm (QCOM.US) released its first quarter (Q1) financial report for fiscal year 2021 after the U.S. stock market closed on Wednesday. The data showed that:

• Revenue was $8.235 billion, up 62% year-on-year, while the market expected it to be $8.244 billion.
• Pre-tax profit was US$2.604 billion, a year-on-year increase of 175%;
• Net profit was US$2.455 billion, up 165% year-on-year, while the market expected it to be US$2.068 billion.
• Diluted earnings per share were $2.12, compared to $0.80 in the same period last year.

Qualcomm said that as 5G technology continues to develop, we will remain well positioned and expand our core technology roadmap to adjacent industries; strong 5G demand and growth in RF front-end, automotive and IoT adjacent fields drove record revenue for the chip business in the first quarter; due to the impact of the epidemic and reduced shipments in Greater China, global 3G, 4G, and 5G mobile phone shipments in the first quarter fell 7% year-on-year, while the previous assumption was a 5% decline; if it were not for tight supply, our performance and prospects would be stronger; it is expected that supply will return to normal in the second half of this year.

Looking ahead to the second quarter of fiscal 2021 (Q2), Qualcomm expects:

• Revenue between $7.2 billion and $8 billion
• GAAP diluted earnings per share in the range of $1.17 to $1.37
• Non-GAAP diluted earnings per share in the range of $1.55 to $1.75

After the financial report was released, Qualcomm's stock price fell more than 6% after the market closed because its Q1 revenue was lower than expected.

via Futu NiuNiu