Khadija Saeed

Qualcomm Incorporated’s shares swung sharply in after-hours trading Wednesday after the chipmaker flagged that its “near-term handsets outlook is impacted by industry-wide memory supply constraints” and offered a softer view for the current quarter. The stock hit $134 before settling at $148.89. Qualcomm reported a record quarterly revenue of $12.252 billion and non-GAAP earnings per share of $3.50. For fiscal second quarter, the company guided revenue between $10.2 billion and $11.0 billion, with non-GAAP EPS ranging from $2.45 to $2.65. The non-GAAP figures exclude items like stock-based compensation. Qualcomm also confirmed it completed the acquisition of Alphawave Semi.