This Cheap Semiconductor Stock Is About to Go Parabolic

Shares of Qualcomm (NASDAQ: QCOM) jumped nearly 10% following the release of its fiscal 2022 second-quarter results on April 27, as investors gave a thumbs-up to the massive increase in the company's revenue and earnings.

The chipmaker's numbers comfortably bested Wall Street's estimates, and the guidance was also ahead of expectations. A closer look at Qualcomm's numbers and outlook will make it clear why investors were in an upbeat mood following the company's results.

Qualcomm's fiscal Q2 revenue for the three months ending on March 27 shot up 41% year over year to a record $11.15 billion, while adjusted earnings increased 69% to $3.21 per share. Analysts were looking for $2.95 per share in earnings from the company on revenue of $10.6 billion, but robust demand for chips that are used in smartphones helped it easily clear those expectations.

Source Fool.com