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Wednesday, February 01, 2023 9:50:05 AM
Earnings Preview: Qualcomm Inc. (NASDAQ: QCOM)
By: 24/7 Wall St. | February 1, 2023
• Three mega-caps with market values above $1 trillion are all scheduled to report quarterly results after Thursday’s closing bell.
Qualcomm
Networking chip and equipment maker Qualcomm Inc. (NASDAQ: QCOM) has dropped more than 24% from its share price over the past 12 months. Since the beginning of 2023, however, shares are up about 21.2%. After Micron and Intel reported weak to terrible results last week, questions about Qualcomm are inevitable. Smartphone sales lagged in 2022, and 2023 sales are forecast to drop nearly 10%, with the largest drop coming in the December quarter. To top it off, Apple is likely to drop Qualcomm as a supplier in another couple of years.
Of 32 analysts covering Qualcomm, 24 have a Buy or Strong Buy rating and another seven rate the stock at Hold. At a share price of around $133.00, the upside potential based on a median price target of $150.00 is 12.8%. At the high target of $250.00, the upside potential is almost 88%.
First-quarter fiscal 2023 revenue is forecast to come in at $11 billion, down 15.9% sequentially and by 3.4% year over year. Adjusted EPS are forecast at $2.35, down 24.8% sequentially and 30.0% lower year over year. For the full 2023 fiscal year ending in September, analysts expect the company to post EPS of $10.24, down 18.3%, on sales of $40.01 billion, down 9.4%.
Qualcomm stock trades at 13.0 times expected 2023 EPS, 10.8 times estimated 2024 earnings of $12.29 and 11.7 times estimated 2025 earnings of $11.37 per share. The stock’s 52-week range is $101.93 to $192.10. Qualcomm pays an annual dividend of $3.00 (yield of 2.25%). Total shareholder return over the past 12 months was negative 22.57%.
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By: 24/7 Wall St. | February 1, 2023
• Three mega-caps with market values above $1 trillion are all scheduled to report quarterly results after Thursday’s closing bell.
Qualcomm
Networking chip and equipment maker Qualcomm Inc. (NASDAQ: QCOM) has dropped more than 24% from its share price over the past 12 months. Since the beginning of 2023, however, shares are up about 21.2%. After Micron and Intel reported weak to terrible results last week, questions about Qualcomm are inevitable. Smartphone sales lagged in 2022, and 2023 sales are forecast to drop nearly 10%, with the largest drop coming in the December quarter. To top it off, Apple is likely to drop Qualcomm as a supplier in another couple of years.
Of 32 analysts covering Qualcomm, 24 have a Buy or Strong Buy rating and another seven rate the stock at Hold. At a share price of around $133.00, the upside potential based on a median price target of $150.00 is 12.8%. At the high target of $250.00, the upside potential is almost 88%.
First-quarter fiscal 2023 revenue is forecast to come in at $11 billion, down 15.9% sequentially and by 3.4% year over year. Adjusted EPS are forecast at $2.35, down 24.8% sequentially and 30.0% lower year over year. For the full 2023 fiscal year ending in September, analysts expect the company to post EPS of $10.24, down 18.3%, on sales of $40.01 billion, down 9.4%.
Qualcomm stock trades at 13.0 times expected 2023 EPS, 10.8 times estimated 2024 earnings of $12.29 and 11.7 times estimated 2025 earnings of $11.37 per share. The stock’s 52-week range is $101.93 to $192.10. Qualcomm pays an annual dividend of $3.00 (yield of 2.25%). Total shareholder return over the past 12 months was negative 22.57%.
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