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Chipmaker Qualcomm on Wednesday reported sales and earnings that topped expectations, sending its shares higher. The results came amid stronger-than-anticipated smartphone shipments and licensing revenue.
Why it matters: Qualcomm is a major force in the wireless industry and arguably the biggest U.S.-based player in 5G.
By the numbers: The company reported adjusted earnings of $1.45, above its prior guidance, on adjusted revenue of $6.5 billion, also above the range that the company had said to expect.
Shares of Qualcomm rose in after-hours trading, changing hands recently at $136, up $7.03, or more than 5%.
What they're saying: Qualcomm President Cristiano Amon told Axios that 5G phones are reaching scale and the company's non-smartphone businesses are also doing better than expected.
"5G is good for Qualcomm," he said. "I think this is a milestone quarter for us."