Qualcomm stock jumped over 6% at one point in trading after the company posted its fiscal Q4 earnings that beat analyst expectations, according to a report by CNBC on Thursday.

  • Qualcomm’s revenue also topped Wall Street expectations, backed by 56% year-over-year improvement in smartphone chip sales despite chip shortage globally.
  • Qualcomm stated it expected sales to range between $10 billion and $10.8 billion in the current quarter, higher than the $9.68 billion estimated by analysts.
  • The company’s chip business posted $7.7 billion in revenue, up 56% year over year. The company attributed the revenue growth to a surge in demand for chips for smartphones and handsets.
  • The growth in Qualcomm’s chip unit comes amidst challenges with the supply of semiconductors needed to build computers and other devices.

Qualcomm has overcome the global shortage, which has hampered companies such as Intel, and its approach of using numerous chip factories has led to a strong pipeline of chip supply. QCOM up +12.85%