Why Qualcomm Stock Is Surging Today
Shares of Qualcomm (NASDAQ: QCOM) jumped on Thursday after the semiconductor company reported its fiscal third-quarter results. Qualcomm beat analyst estimates across the board, and it disclosed a patent license agreement with Huawei. The stock was up about 11.9% at 11:20 a.m. EDT.
Qualcomm reported third-quarter revenue of $4.89 billion, roughly flat from the prior-year period, after backing out revenue recognized last year from settlement agreements with Apple and its contract manufacturers. Revenue from the chip business grew 7% to $3.81 billion, while revenue from the licensing segment was down 19% to $1.04 billion. Total revenue was about $100 million higher than analysts were expecting.
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Source Fool.com
