QUALCOMM Shares Rise In Pre-Market On Upbeat Q2 Results

(RTTNews) - Shares of QUALCOMM Incorporated (QCOM) were rising more than 5 percent in pre-market on Thursday to $174, after reporting upbeat second-quarter results, above the Street expectations.

Net income for the second quarter increased to $2.326 billion or $2.06 per share from $1.704 billion or $1.52 per share in the same quarter a year ago, driven by growth in revenue.

Income from continuing operations rose to $2.275 billion or $2.02 per share from $1.702 billion or $1.52 per share last year. Excluding one-time items, earnings were $2.761 billion or $2.44 per share.

Revenue for the quarter increased to $9.389 billion from $9.275 billion in the previous year.

On average, 25 analysts polled by Thomson-Reuters expected the company to report earnings of $2.17 per share on revenue of $9.05 billion for the quarter.

QUALCOMM shares had closed at $164.11, down 1,05 percent on Wednesday. The stock has been trading in the range of $101.47 - $177.59 in the last 1 year.