Qualcomm Inc. (QCOM) reported its second quarter earnings results, beating analyst estimates on both the top and bottom lines. The semiconductor giant second quarter adjusted earnings of $2.44 per share, topping Street estimates of $2.32. Adjusted revenue of $9.39 billion was just slightly better than the $9.32 billion estimate.
Joining Market Domination Overtime to discuss the results is Rosenblatt Securities Managing Director and Senior Research Analyst Kevin Cassidy, and Moor Insights & Strategy Founder, CEO & Chief Analyst Patrick Moorhead.
While the quarter’s focus was primarily on Qualcomm’s handset sales, Moorhead highlights the company’s automotive segment as "the biggest surprise" in the results. He notes that this sector witnessed a remarkable surge in its backlog, increasing from $30 billion to a staggering $45 billion over the course of 18 months, describing the feat as "pretty big." When asked about the implications of AI, Moorhead says that with Qualcomm’s new chips featuring "supersized AI" capabilities, he is "very optimistic" that a supercycle could emerge in the latter half of the year.
Cassidy echoed a similar sentiment, describing Qualcomm’s results as "a relief" amid reports of weakening demand in the Android sector. He agrees with the notion of a potential supercycle, saying that Qualcomm’s unique features and applications could support such a development.
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GUEST: Kevin Cassidy, Rosenblatt Securities Managing Director and Senior Research Analyst
GUEST: Patrick Moorhead, Moor Insights & Strategy Founder, CEO & Chief Analyst
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