Compared to Estimates, Qualcomm (QCOM) Q1 Earnings: A Look at Key Metrics

QCOM

For the quarter ended December 2023, Qualcomm (QCOM - Free Report) reported revenue of $9.94 billion, up 5.1% over the same period last year. EPS came in at $2.75, compared to $2.37 in the year-ago quarter.

The reported revenue represents a surprise of +4.52% over the Zacks Consensus Estimate of $9.51 billion. With the consensus EPS estimate being $2.38, the EPS surprise was +15.55%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Qualcomm performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Revenue- QTL: $1.46 billion compared to the $1.54 billion average estimate based on six analysts. The reported number represents a change of -4.2% year over year.
  • Revenue- QCT: $8.42 billion versus the six-analyst average estimate of $8.13 billion. The reported number represents a year-over-year change of +6.7%.
  • QCT revenues- Handsets: $6.69 billion compared to the $6.30 billion average estimate based on five analysts. The reported number represents a change of +16.2% year over year.
  • QCT revenues- Automotive: $598 million versus the five-analyst average estimate of $518.99 million. The reported number represents a year-over-year change of +31.1%.
  • QCT revenues- IoT: $1.14 billion versus $1.28 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -32.3% change.
  • Revenues- Non-GAAP Reconciling Items: $39 million versus $31.68 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -2.5% change.
  • Revenues- Equipment and services: $8.32 billion versus the two-analyst average estimate of $8.04 billion. The reported number represents a year-over-year change of +6.8%.
  • Revenues- Licensing: $1.62 billion compared to the $1.46 billion average estimate based on two analysts. The reported number represents a change of -3.6% year over year.
  • Income / (loss) before taxes- QTL: $1.08 billion compared to the $1.01 billion average estimate based on three analysts.
  • Income / (loss) before taxes- QCT: $2.59 billion versus the three-analyst average estimate of $2.22 billion.
View all Key Company Metrics for Qualcomm here>>>

Shares of Qualcomm have returned +4.1% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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