Why Qualcomm Stock Was Up Nearly 23% Last Week

Shares of smartphone and mobile chip giant Qualcomm (NASDAQ: QCOM) were up 23% in the last week, according to data provided by S&P Global Market Intelligence. The company easily surpassed Wall Street analyst expectations during its fiscal 2021 fourth quarter (the three months ended Sept. 26, 2021), posting revenue of $9.34 billion and adjusted earnings per share of $2.55 -- up a respective 12% and 76% year over year.

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Qualcomm's largest segment by far is the sale of chips it designs for smartphones. With more 5G network-ready phone models becoming available and consumers paying up for these premium devices to take advantage of their mobile provider's new services, Qualcomm's flagship business is booming. Revenue derived from smartphones was $4.69 billion, up 56% in the last quarter and 61% during full-year fiscal 2021.

Source Fool.com