The San Diego-based semiconductor maker reported earnings of $1.45 per share on revenue of $6.5 billion for the quarter ending Sept. 27. Analysts were expecting the company to report earnings of $1.17 per share on revenue of $5.94 billion.
“Our fiscal fourth quarter results demonstrate that our investments in 5G are coming to fruition and showing benefits in our licensing and product businesses,” said CEO Steve Mollenkopf in a statement.
Revenue rose 35% year-over-year while earnings jumped 86% from a year ago.
Qualcomm shares were rising 9.7% to $141.50 in after-hours trading on Wednesday.
The company said it expects fiscal first-quarter revenue to range between $7.8 billion and $8.6 billion with earnings expected to be between $1.95 and $2.15 per share. Analysts are expecting the company to report revenue of $7.13 billion with earnings of $1.68 per share. The move to 5G telecom equipment and products by the industry is expected to continue driving gains by Qualcomm in its upcoming fiscal year.
“We concluded the year with exceptional fourth quarter results and are well positioned for growth in 2021 and beyond," Mollenkopf said. "As the pace of disruption in wireless technology accelerates, we will continue to drive growth and scale across our RF front-end, Automotive and IoT adjacencies."
Qualcomm is looking to take on the likes of Intel (INTC) - Get Report and Marvell Technology (MRVL) - Get Report and indirectly, the proprietary silicon of base station vendors -- in the broader 5G base station chip market. On Tuesday, the company unveiled an extensive mobile infrastructure product line that includes baseband (radio signal) and fronthaul network processors for 5G networks, as well as antenna panels and RF transceiver and front-end chips.