Qualcomm stockholders cash in on fabulous Q1
Qualcomm Incorporated, which has multiple locations in Cambridge, has revealed a blockbusting first quarter of 2021 to December 27 – and shareholders are smiling all the way to the bank.
Q1 revenues increased 62 per cent to $8.235 billion. Handset deals accounted for more than half of that return at $4.216bn. 5G demand in handsets was particularly marked.
Qualcomm, which looks primed to beat the $25.5bn revenues recorded in the last full fiscal year, returned $1.2 billion to stockholders in Q1.
That haul included $739 million, or $0.65 per share, of cash dividends paid and $444m through repurchases of three million shares of common stock.
CEO Steve Mollenkopf said: “We delivered an exceptional quarter, more than doubling earnings year-over-year due to strong 5G demand in handsets and growth in our RF front-end, automotive and IoT adjacencies, which drove record earnings in our chip business.
“We remain well positioned as the 5G ramp continues and we extend our core technology roadmap to adjacent industries.”