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Photo: Wang Gang/Visual China Group via Getty Images

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."

Go deeper

Ina Fried, author of Login
Updated Jan 27, 2021 - Technology

Apple's quarterly sales top $100 billion for first time

Credit: Apple

Spurred by strong sales of the latest iPhones, Apple reported it took in a record $111 billion in revenue for the three months ended Dec. 31, as the company crushed expectations.

Why it matters: The move showed even a pandemic didn't dull demand for Apple's latest smartphones.

Jan 27, 2021 - Technology

Facebook stock whipsaws amid ad targeting concerns

Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images

Facebook's stock showed volatility in after-hours trading Wednesday, despite adding users and beating on top and bottom lines.

Why it matters: Investors seem spooked by proposed changes to user data collection by Apple that would impact Facebook's ad business, in addition to perennial threats of new federal privacy regulations.

Updated 3 hours ago - Politics & Policy

Senate action on stimulus bill continues as Dems reach deal on jobless aid

Photo: Alex Wong/Getty Images

Democratic leaders struck an agreement with Sen. Joe Manchin (D-W.V.) on emergency unemployment insurance late Friday, clearing the way for Senate action on President Biden's $1.9 trillion stimulus package to resume after an hours-long delay.

The state of play: The Senate will now work through votes on a series of amendments that are expected to last overnight into early Saturday morning.