Qualcomm Reports Quarterly Beat but Issues Weak Forecast Amid Smartphone Market Turmoil
Qualcomm (QCOM) reported quarterly results that exceeded Wall Street estimates for both earnings per share and revenue, yet the company's stock declined in extended trading following a disappointing forward guidance. While adjusted EPS reached $2.17 on $10.32 billion in revenue, the handset chip segment saw a significant 26% year-over-year decline to $5.14 billion as rising memory costs impact smartphone demand. To diversify away from volatile mobile markets, CEO Cristiano Amon is pivoting toward AI data center infrastructure and automotive sectors. The automotive division showed massive growth, with revenue surging 89% to $1.99 billion. Additionally, Qualcomm announced a new partnership with SpaceX to provide technology for cellular buildouts, signaling an expansion into broader connectivity services.
Topics: earnings report guidance revenue miss/beat semiconductors smartphone market
Part of the story Qualcomm Shares Drop Despite Beating Earnings Estimates Due to Weak Guidance and Mobile Slump (8 articles)