Here is why QUALCOMM Incorporated (QCOM) stock went up on Wednesday?

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QUALCOMM Incorporated (QCOM) shares surged 7.52% in after-hours on Wednesday, November 03, 2021, and closed the daily trading at $148.90. QCOM’s stock gained 2.40%. QCOM shares have risen 10.39% over the last 12 months, and they have moved up 5.55% in the past week. Over the past three months, the stock has lost 5.69%, while over the past six months, it has jumped 1.82%.

Let’s have a look at its recent news and developments.


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QCOM recent financial results

On November 3, 2021, Qualcomm Incorporated (QCOM) reported results for its fiscal fourth quarter and year ended September 26, 2021.

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Q4 2021 financial highlights

  • QCOM reported revenue of $9.3 billion in Q4 2021 compared to $8.35 billion in Q4 2020.
  • Total cost and expenses were $6.4 billion in Q4 2021 compared to $4.9 billion in Q4 2020.
  • It earned a net income of $2.8 billion in Q4 2021 compared to a net income of $2.96 billion in Q4 2020.
  • the income per diluted share was $2.45 in Q4 2021 compared to income per diluted share of $2.58 in Q4 2020.

FY 2021 financial highlights

  • QCOM reported revenue of $33.56 billion in FY 2021 compared to $23.53 billion in FY 2020.
  • Total cost and expenses were $23.78 billion in FY 2021 compared to $17.3 billion in FY 2020.
  • It earned a net income of $9.04 billion in FY2021 compared to a net income of $5.2 billion in FY 2020
  • The income per diluted share was $7.87 in FY 2021 compared to income per diluted share of $4.52 in FY 2020.
  • Adjusted EBITDA was $13.11 billion in FY 2021 compared to $7.01 billion in FY 2020.

Q1 2022 financial guidance

  • The company is expecting revenue in the range of $10.0 billion to $10.8 billion for Q1 2022.
  • GAAP diluted EPS in the range of $2.53 to $2.73 for Q1 2022.

QCOM Net-Zero emissions target

On November 1, 2021, Qualcomm Incorporated (QCOM) announced plans to achieve net-zero global emissions for Scopes 1, 2 and 3 by 2040 and committed to the Science Based Targets initiative’s (SBTi) Business Ambition for 1.5°C.

Qualcomm has set three long-term GHG reduction goals, which are

  1. To reduce absolute Scope 1 and 2 GHG emissions by 50% by 2030 from the 2020 base year.
  2. To reduce absolute Scope 3 GHG emissions by 25% by 2030 from the 2020 base year.
  3. To reach net-zero global emissions for Scopes 1, 2 and 3 by 2040.

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Conclusion

The recent financial results announcement was the reason behind its top-notch performance on Wednesday and we can expect it to further rise on Thursday as well.

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