Qualcomm, Inc. Shares Rise After Earnings, eBay Inc Shares Fall

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Qualcomm and eBay released their latest earnings reports after closing bell tonight. Qualcomm posted adjusted earnings of $1.34 per share on $6 billion in adjusted revenue. Wall Street had been expecting earnings of $1.19 per share on $5.89 billion in revenue. In the same quarter a year ago, the chip maker reported $5.5 billion in adjusted revenue and $1.04 per share in non-GAAP earnings

eBay posted non-GAAP earnings of 49 cents per share on $2.2 billion in revenue, compared to the consensus estimates of 48 cents per share and $2.2 billion. In last year’s first quarter, the online marketplace firm posted $2.1 billion in sales and 47 cents per share in earnings.

Qualcomm shares rise on earnings

Qualcomm’s GAAP earnings per share fell to 50 cents from 78 cents per share last year. Net income fell from $1.2 billion last year to $700 million this year. QCT revenues rose to $3.7 billion on 179 million MSM chip shipments. QTL revenues rose to $2.2 billion on $82.6 billion in total reported device sales.

“We delivered strong results this quarter, with healthy year-over-year growth across our QTL licensing and QCT semiconductor businesses, especially in the important automotive, networking and IoT growth areas,” CEO Steve Mollenkopf said in a statement. “Our performance reflects continued execution of our strategy to lead the mobile industry across a broad set of technologies, including advanced LTE and 5G, and accelerate our growth opportunities beyond mobile into automotive, IoT, security and networking.”

For its third fiscal quarter, Qualcomm expects adjusted earnings to be between 90 cents and $1.15 per share, compared to the consensus estimate of $1.09 per share. The chip maker expects revenue to be between $5.3 billion and $6.1 billion, versus the consensus of $5.94 billion.

Shares of Qualcomm ticked higher in extended trading, climbing by as much as 1.69% to $53.50 following tonight’s report.

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eBay shares fall after earnings

eBay’s net income fell to $538 million from $550 million in last year’s first quarter. GAAP earnings amounted to 94 cents per share. Gross merchandise volume rose 2% year over year on a reported basis, reaching $20.9 billion. StubHub drove $916 million in gross merchandise volume, representing a 6% year over year increase, and $210 million in revenue, up 18% year over year as reported. eBay added 2 million active buyers across its online platforms, bringing the total number of buyers to 169 million globally.

“The first quarter was a strong start to the year with accelerating growth in active buyers, revenue and our core U.S. business,” eBay President and Chief Executive Officer Devin Wenig said in a statement. “We are on the right path as we continue to evolve our shopping platform for consumers, leverage our technology advantages and market a sharpened eBay brand globally.”

For the second quarter, the company expects net revenue to be between $2.28 billion and $2.32 billion and non-GAAP earnings to be between 43 cents and 45 cents per share. eBay expects full-year non-GAAP earnings for this year to be between $1.98 and $2.03 per share, which is somewhat light against the consensus of $2.02 per share.

Shares of eBay slumped in after-hours trade, falling by as much as 2.64% to as low as $32.95 following tonight’s report.

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