Shares of Qualcomm (QCOM 1.69%) were rising this morning after the company reported second-quarter results that outpaced analysts' expectations.
The tech stock rose by as much as 6.4% and was up 4.1% as of 10:17 a.m. EDT.
Qualcomm's second-quarter sales increased 52% from the year-ago quarter to $7.92 billion. That figure was higher than the $7.62 billion consensus estimate that analysts were expecting. Additionally, Qualcomm's adjusted diluted earnings per share skyrocketed 116% to $1.90, which outpaced the consensus estimate of $1.67 per share for the quarter.
"Demonstrating the strength of our strategy and our success in execution, we delivered another quarter of year-over-year growth driven by sustained demand for smartphones globally and our ability to increase the scale of our non-handset revenues," Steve Mollenkopf, Qualcomm's CEO, said in a press release.
In addition to Qualcomm's solid second-quarter results, investors were also pleased that the company returned $2.3 billion to shareholders in the quarter, which included $1.5 billion in share repurchases and $734 million in dividend payments.
Qualcomm's management issued guidance for the third quarter, with revenue expected to be in the range between $7.3 billion to $7.9 billion. If Qualcomm delivers on that outlook it would represent a 55% revenue increase from the year-ago quarter, at the midpoint of guidance.
The company is also expecting adjusted diluted earnings to jump significantly to a range of $1.55 to $1.75, up 92% year over year at the midpoint.
With Qualcomm's growth in the second quarter and its impressive third-quarter outlook, it's no wonder why investors are bullish on Qualcomm's stock today.