Qualcomm posted earnings after the bell Wednesday night.
Adjusted earnings in the period were 77 cents a share, topping forecasts of 71 cents a share. Revenue of $4.98 billion fell from $5.22 billion a year earlier but beat forecasts of $4.8 billion.
"We delivered a better-than-expected quarter with earnings per share above the high end of our estimates, reflecting stronger QTL results and solid execution in QCT," said Steve Mollenkopf, CEO of Qualcomm. "We are also pleased to have reached multi-year agreements with Apple and look forward to continuing to support them as a customer. We are executing well on our strategic priorities as 5G commercial launches begin around the world."
"People are too overexuberant about the same thing over and over again. We bought a stock on 5G over and over again. Well you know what? At a certain point we have to say it's gotten ahead of itself. I actually think Qualcomm's gotten ahead of itself. This again, a lot of people say Jim's turned into a bear...Disney (DIS) - Get Report at $142 got ahead of itself. Caterpillar (CAT) - Get Report at $142 got ahead of itself, Boeing (BA) - Get Report and $380 ahead of it," said Cramer. "I mean, I just worry that stocks are going to get ahead of themselves, that a lot of your stock should get ahead of yourselves. And I, just don't want people to buy things precisely when they should be selling."