5 Stocks Making Big Moves on Earnings Reports

In this article, we discuss the 5 stocks making big moves on earnings reports. If you want to read our detailed analysis of these companies, go directly to the 11 Stocks Making Big Moves on Earnings Reports.

5. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 75

Shares of QUALCOMM Incorporated (NASDAQ:QCOM) rose nearly seven percent in the pre-market trading session on Thursday, April 28, 2022, after delivering solid profit and sales for its fiscal second quarter.

QUALCOMM Incorporated (NASDAQ:QCOM) reported adjusted earnings of $3.21 per share, significantly higher than $1.90 per share in the comparable period of 2021. Revenue for the quarter soared 41 percent on a year-over-year basis to $11.16 billion. The results crushed analysts’ average estimate of $2.91 per share for earnings and $10.6 billion for revenue.

Moving forward, QUALCOMM Incorporated (NASDAQ:QCOM) guided for adjusted earnings in the range of $2.75 – $2.95 per share and revenue between $10.5 – $11.3 billion for its fiscal year 2022. This compares to the consensus of $2.59 per share for earnings and $9.98 billion for revenue.

Praising the latest performance, CEO Cristiano Amon said:

“We are pleased to announce another quarter of record revenues, reflecting the successful execution of our growth and diversification strategy and strong demand for our wireless and high-performance, low-power processor technologies across multiple industries.”