Qualcomm Expects Strong Earnings, Zacks Forecasts Positive Surprise

Qualcomm expected to beat earnings estimates in Q2 2024, driven by 5G, smartphone demand, and diversification. Strong results could boost tech sector confidence and fuel Qualcomm's stock price.

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Qualcomm Expects Strong Earnings, Zacks Forecasts Positive Surprise

Qualcomm Expects Strong Earnings, Zacks Forecasts Positive Surprise

Qualcomm, a leading wireless technology company, is expected to report strong earnings for the current quarter, according to a recent analysis by Zacks Investment Research. The firm predicts that Qualcomm will likely beat consensus earnings estimates and deliver a positive earnings surprise.

Zacks' optimistic forecast is based on several factors, including Qualcomm's strong position in the 5G chipset market, growing demand for smartphones, and the company's diversification into new areas such as automotive and Internet of Things (IoT). Qualcomm has been investing heavily in research and development to maintain its competitive edge and capitalize on emerging opportunities in the quickly changing tech landscape.

Analysts polled by Zacks expect Qualcomm to report earnings per share (EPS) of $3.27 for the quarter, representing a year-over-year growth investors of 11.2%. The company's revenue is projected to increase by 33.5% to reach $11.38 billion. If Qualcomm meets or exceeds these estimates, it would mark another strong quarter for the tech giant.

Why this matters: Qualcomm's earnings performance is closely watched by investors and industry observers, as it provides insights into the health of the smartphone market and the adoption of 5G technology. Strong results from Qualcomm could boost confidence in the tech sector and signal continued growth in the wireless industry.

Qualcomm's stock has performed well over the past year, gaining nearly 70% as investors growth bet on the company's ability to capitalize on the 5G boom. The company's shares closed at $146.52 on Monday, near their all-time high. If Qualcomm delivers a positive earnings surprise as predicted by Zacks, it could further fuel the stock's upward trajectory.

The company is scheduled to report its fiscal second-quarter earnings on Wednesday, April 24, 2024, after the market closes. Investors and analysts will be closely monitoring the results and management's commentary on the outlook for the remainder of the year. A strong performance by Qualcomm could set a positive tone for the tech sector and poised beat earnings estimates to the broader market.

Key Takeaways

  • Qualcomm expected to beat Q2 2024 earnings estimates, driven by 5G, smartphones, and diversification.
  • Analysts forecast Qualcomm's Q2 2024 EPS at $3.27 (+11.2% YoY) and revenue at $11.38B (+33.5% YoY).
  • Strong Qualcomm earnings could boost confidence in the tech sector and wireless industry growth.
  • Qualcomm's stock has gained nearly 70% in the past year on 5G growth prospects.
  • Qualcomm to report Q2 2024 earnings on April 24, 2024, with investors closely watching the results.