Investing.com -- Qualcomm reported better-than-expected fiscal first-quarter results Wednesday and guidance for the current quarter as smartphone demand continues to improve, boosting demand for its chips.
Shares in California-based Qualcomm Incorporated (NASDAQ:QCOM) were down more than 4% in recent after-hours dealmaking.
For Q1, Qualcomm reported adjusted earnings per share of $3.41 on revenue of $11.67 billion, beating projections of $2.97 and $10.03B, according to an Investing.com forecast based on a poll of analysts.
The beat on the top and bottom lines in Q1 was supported by an growing demand for chips used in handset and the smartphone market continues to recovery. Qualcomm's handsets revenue jumped 13% in $7.57B in Q1, while automative and internet of things, or IOT, revenue climbed 61% and 36%, respectively.
For Q2, the company is forecasting adjusted EPS of $2.70 to $2.90 on revenue of $10.3B to $11.2B, compared with estimates for $2.71 and $10.36B, respectively.