Qualcomm Reports Q1 Results, Sees 19% YoY Revenue Increase

Qualcomm, Inc. (NASDAQ: QCOM) reported first-quarter earnings for 2016 after Wednesday's market close. The company showed nearly 20 percent revenue growth since last year, increasing to $5.8 billion. Diluted EPS fell from $1.17 in Q1 2015 to the latest figure of $0.99.

Analyst consensus called for Q1 2016 earnings of $0.90 per share.

Qualcomm offered $2.7 billion in dividends, broken down to $2 billion in buybacks and $700 million in dividends.

CEO Steve Mollenkopf credited the strong revenue showing to strong device sales, new deals with Chinese partners and effective cost-reduction measures.

"We delivered a stronger than expected quarter with earnings per share above the high end of our initial estimates, and we expect improving trends in our chipset business in the second half of fiscal 2016," Mollenkopf said in a press release.

The company issued second quarter guidance that predicts a 29-36 percent drop in EPS from Q2 2015, to $0.90-$1.00. Analysts expect EPS of $1.02 for the second quarter.

Shares were down about 1 percent in the after-hours session.