Qualcomm drops despite beats on top and bottom lines
Shares of Qualcomm slid after-hours on Wednesday as the company beat on the top and bottom lines, but investors were looking for more.
The chip giant’s stock, which is down about 10% over the past year, slipped 5.4% in extended trading. There were no screaming warnings in the earnings report, though if you squint at the company’s revenue forecast, it might look a little light.
For its fiscal second quarter, Qualcomm’s revenue came in at $10.98 billion and adjusted EPS of $2.85. Analysts had called for $10.65 billion and $2.82, respectively, according to FactSet. Revenue growth sped up from the prior year, coming in at 17%. In 2024, second-quarter growth was just 1%.
The company’s current-quarter forecast landed mostly in line with Wall Street’s expectations. Qualcomm forecast revenue of $9.9 billion to $10.7 billion in the current quarter, with adjusted EPS of $2.60 to $2.80. Analysts are expecting $2.67 in EPS and $10.3 billion in revenue.
For its fiscal second quarter, Qualcomm’s revenue came in at $10.98 billion and adjusted EPS of $2.85. Analysts had called for $10.65 billion and $2.82, respectively, according to FactSet. Revenue growth sped up from the prior year, coming in at 17%. In 2024, second-quarter growth was just 1%.
The company’s current-quarter forecast landed mostly in line with Wall Street’s expectations. Qualcomm forecast revenue of $9.9 billion to $10.7 billion in the current quarter, with adjusted EPS of $2.60 to $2.80. Analysts are expecting $2.67 in EPS and $10.3 billion in revenue.
