Qualcomm posts strong Q4 results
Qualcomm reported its fourth quarter financial results on Wednesday, beating market expectations.
The chipmaker reported non-GAAP earnings of $1.28 per share on revenue of $6.2 billion.
Wall Street was expecting earnings of $1.13 per share on revenue of $5.84 billion. For the same period last year, the company posted earnings of 91 cents per share on revenue of $5.45 billion.
For the full fiscal year, the company reported non-GAAP earnings of $4.44 per share on revenue of $23.5 billion.
CEO Steve Mollenkopf said in a statement that its strong quarter reflected new license agreements in China and strong chipset shipments
"We are forecasting continued growth of global 3G/4G device shipments in calendar year 2017, led by growing demand in emerging regions," he said. "We are well positioned to extend our mobile technology leadership and footprint into attractive growth opportunities, accelerated by our recently announced agreement to acquire NXP."
Seeking to reduce its exposure to the smartphone market, Qualcomm on October 27 announced it's purchasing NXP Semiconductors, the world's largest developer of chips for automobiles, in a deal valued at $47 billion.
For Q1 2017, Qualcomm forecast earnings between $1.12 per share and $1.22 per share on revenue somewhere between $5.7 billion and $6.5 billion.