Qualcomm shares soared to a record high in after-market trading on Wednesday after the chipmaker posted strong revenue projections and announced a long-term licensing deal with China’s Huawei.
The California-based company said it was “realising the benefit of the investments we have made” in 5G mobile technology, projecting that adjusted revenues could be as high as $6.3bn in the current quarter, versus a $5.8bn estimate from analysts polled by Refinitiv.
Qualcomm also said it would net $1.8bn in the next quarter from a royalty deal with Huawei that allows the Chinese telecoms equipment maker to design and manufacture products based on its technology.
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