Qualcom reports upbeat guidance as Q4 results beat; announces $15B stock buyback

Investing.com -- Qualcomm (NASDAQ:QCOM) reported better-than-expected guidance following fiscal fourth-quarter results that topped Wall Street estimates and chipmaker announced a new $15 billion stock buyback program as smartphone chip demand improved.

Qualcomm jumped more than 6% in recent aftermarket hours following the report.

Qualcomm reported adjusted earnings per diluted share of $2.69 on revenue of $10.24B, beating Wall Street estimates for adjusted EPS of $2.56 on revenue of $9.9B. 

The stronger-than-expected results were driven stronger performance in the company's handset chip unit, which saw sales rise 12% versus the year-ago period to $6.10B. 

Automotive chip sales, meanwhile, surged 68% to $899M in Q4 from a year earlier, while revenue from Qualcomm's Internet-of-Things unit rose 22% to $1.68B.

For fiscal Q1, the company forecast adjusted EPS of $2.85 to $3.05 on revenue of $10.5B to $11.3B, or $10.9B at the midpoint, compared with estimates for $2.87 and  $10.61B, respectively.