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.

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