Qualcomm ended its first fiscal quarter with record revenue, but warned Wednesday that a growing shortage of memory chips would impact future sales to its smartphone customers.
The San Diego-based wireless pioneer earned $3.00 billion, or $2.78 per share, in its first fiscal quarter ended Dec. 28, down 6% compared to $3.18 billion, or $2.83 a year ago.
Revenue grew 5% to a record $12.3 billion, compared to $11.7 billion in the year-ago quarter.
The results beat the expectations of Wall Street analysts, but President and CEO Cristiano Amon warned that “our near-term handsets outlook is impacted by industry-wide memory supply constraints.”
Memory chips used in everything from smartphones to laptops are in short supply because of demand for them in artificial intelligence data centers.
The company’s stock closed up over 1% at $148.89 per share, but then fell over 9% in after-hours trading following the earnings announcement.
Cristiano said Qualcomm is on track for its long-term revenue goals, even though near-term growth would be affected by the memory shortage.
“We are pleased to deliver strong quarterly results, with record total company revenues,” he said. “Our momentum across personal, industrial and physical AI is growing, as evidenced by recent product announcements at CES and customer traction.”
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