QUALCOMM (QCOM) reported quarterly earnings results on Wednesday, Apr-20-2016. The company said it had a profit of $1.04 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.08. Analysts had a consensus of $0.96. The company posted revenue of $5551.00 million in the period, compared to analysts expectations of $5334.52 million. The company’s revenue was down -19.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.40 EPS.
Many Wall Street Analysts have commented on QUALCOMM. Company shares were Reiterated by Mizuho on Apr 12, 2016 to “Neutral”, Firm has raised the Price Target to $ 49 from a previous price target of $47 .Shares were Downgraded by Barclays on Mar 28, 2016 to ” Equal Weight” and Lowered the Price Target to $ 50 from a previous price target of $55 .QUALCOMM was Upgraded by Bernstein to ” Outperform” on Feb 16, 2016.
QUALCOMM opened for trading at $51.09 and hit $51.73 on the upside on Monday, eventually ending the session at $51.55, with a gain of 0.96% or 0.49 points. The heightened volatility saw the trading volume jump to 76,73,094 shares. Company has a market cap of $77,061 M.
In a different news, on Apr 14, 2016, James H Thompson (EVP, Qualcomm Technologies Inc) sold 35,000 shares at $51.58 per share price. According to the SEC, on Apr 14, 2016, Matthew S Grob (EVP, Qualcomm Technologies Inc) sold 32,700 shares at $51.59 per share price. On Mar 15, 2016, Michelle M Sterling (EVP, Human Resources) sold 6,948 shares at $52.16 per share price, according to the Form-4 filing with the securities and exchange commission.
Qualcomm Incorporated (Qualcomm) is engaged in providing third-generation (3G) fourth-generation (4G) and next-generation wireless technologies. The Company’s products include 2net AllPlay Brew Gobi Halo HealthyCircles Hy-Fi IPQ IZat Pixtronix Powerline QChat QLearn Small Cells Snapdragon Vive RaptorQ Vuforia and WiPower. AllPlay helps manufacturers create devices and services. It also helps developers create Android and iPhone operating system (iOS) music streaming applications. The Company’s Brew platform enables feature phone applications such as gaming messaging Web browsing and social networking. Qualcomm Gobi modems connect users devices to 3G 4G and 4G long-term evolution (LTE) networks. Qualcomm Halo technology eliminates the need for plug-in cords for recharging in electric and hybrid vehicles. Qualcomm Powerline solutions turn electrical outlets into broadband connection points creating networks by plugging in.