A blue-chip quarterSemiconductor giant Qualcomm delivers a chipper fiscal Q1 earnings report but sees its stock sink anyway.
- Qualcomm beat on both ends with EPS of $2.23 on revenues of $10.7bn. However, the stock slumped 8% in extended trading and was down 2% on Thursday morning, partly thanks to a market-wide tech sell-off.
- There were a couple of segments that disappointed, like radio frequency components and the Internet of Things, but most importantly chips for cars – a segment that has brought in big dollar bills for competitors like AMD (AMD) and TSMC (TSM).
- Its forecast brought up the mood though. It’s expecting up to $11bn in sales this quarter, beating estimates, buoyed by strong demand for smartphones in China – Qualcomm is one of the world’s biggest chipmakers for smartphones.
Illustration by TradingView
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