Stock Alert: Qualcomm At New High Following Upbeat Results, Outlook

(RTTNews) - Shares of Qualcomm Incorporated (QCOM) are rising more than 14% Thursday morning following upbeat fourth-quarter results. The company also provided first-quarter outlook, better than analysts' view.

The stock touched a new high of $147.97 this morning.

Fourth-quarter net income was $2.96 billion or $2.58 per share compared with $506 million or $0.42 per share a year ago.

Earnings on an adjusted basis of $1.45 per share beat the average estimate of 21 analysts polled by Thomson Reuters at $1.17 per share.

Revenue for the quarter rose 73% year-over-year at $8.346 billion. Adjusted revenue increased 35% to $6.502 billion from last year.

For the first quarter, the company expects revenue to be in the range of $7.8 billion - $8.6 billion and adjusted EPS to be in the range of $1.95 - $2.15. The consensus estimate for revenue is $7.15 billion and for EPS is at $1.69 share.