What happened
Shares of the tech giant Qualcomm (QCOM 0.92%) were jumping today after the company reported better-than-expected second-quarter results. The company beat analysts' consensus top- and bottom-line estimates in the quarter.
The tech stock was up by 6.1% as of 10:25 a.m. ET.
So what
Qualcomm's second-quarter sales increased 41% from the year-ago quarter to $11.1 billion. That figure easily outpaced Wall Street's expectation of $10.6 billion for the quarter.
Image source: Getty Images.
Additionally, the company's non-GAAP (adjusted) earnings per share of $3.21 was up 69% from the year-ago quarter and beat analysts' consensus estimate of $2.95 per share.
Qualcomm's CEO, Cristiano Amon, said in a statement that the company had another quarter of record revenue that reflected Qualcomm's "successful execution of our growth and diversification strategy and strong demand for our wireless and high-performance, low-power processor technologies across multiple industries."
The company also highlighted some impressive growth in its CDMA technologies segment -- Qualcomm's largest revenue category -- which saw a 52% spike in sales from the year-ago quarter to $9.5 billion.
Now what
Qualcomm's management issued guidance for the third quarter, saying that revenue would range between $10.5 billion and $11.3 billion, which would represent a 35% increase at the midpoint of guidance.
The company's leadership expects non-GAAP earnings to be between $2.75 and $2.95 per share, which would be a 48% year-over-year jump, at the midpoint.
With the company beating analysts' top and bottom-line consensus estimates for the second quarter and issuing strong guidance for the third quarter, it's no surprise that Qualcomm investors are pushing the company's share price higher today.
