Data · CNBC Technology
Qualcomm shares soar 16% on CEO comments about China orders, hyperscaler customer
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Qualcomm shares staged a dramatic turnaround after the bell on Wednesday as CEO Cristiano Amon said on the earnings call that it would begin shipping data center chips to "a large hyperscaler" within the calendar year.
Key facts
- Qualcomm expects Q3 revenue in the range of $9.2 billion to $10 billion, short of the $10.19 billion StreetAccount analysts were looking
- The U.S. chipmaker reported adjusted earnings per share of $2.65, beating estimates by nine cents
- The stock initially fell as much as 7% after the chipmaker reported second-quarter earnings that topped Wall Street estimates but fell short on forward guidance
- Qualcomm shares staged a dramatic turnaround after the bell on Wednesday as CEO Cristiano Amon said on the earnings call that it would begin shipping data center chips to "a large hyperscaler
Summary
The stock initially fell as much as 7% after the chipmaker reported second-quarter earnings that topped Wall Street estimates but fell short on forward guidance. Amon wouldn't disclose the customer, but said more details will come during Qualcomm's investor day in June. Although it's largely fallen behind giants like Nvidia in the race for chips to power artificial intelligence, Qualcomm announced its own data center chips last year. "We are in a period of profound industry transformation — the rise of AI agents is reshaping our roadmap across every platform we develop," Amon said on the earnings call.