Jim Cramer: Buy Qualcomm Here

Katherine Ross

Qualcomm reported earnings on Wednesday night.

The company posted adjusted earnings per share of 88 cents on $5.2 billion in revenue for the period. It had been expected to make 79 cents a share on sales of $5 billion.

In the same period a year ago, the company posted earnings of 77 cents a share on sales of $4.9 billion.

“Given the uncertainty caused by the COVID-19 pandemic, including the timing and pace of economic recovery, our guidance for the third quarter of fiscal 2020 is based on a planning assumption that there will be an approximate 30% reduction in handset shipments relative to our prior expectations, resulting in an estimated impact of greater than ($0.30) to EPS in the third quarter of fiscal 2020,” the company said in a statement.

Watch the full video above for Jim Cramer's full take.

Want to know what Jim Cramer and his team at Action Alerts PLUS are thinking about the markets and the stocks they're watching? Sign up on Action Alerts PLUS for more.

Cramer and the team are weighing in on what members need to know about the coronavirus pandemic's impact on the market. Here's how you can recap his entire April show.

Watch More of the Latest Videos on TheStreet and Jim Cramer

Enter your email to register or login. Registration information may be shared with advertising partners in accordance with our Privacy Policy.