Qualcomm Inc (QCOM)

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Qualcomm shares fall 2% on guidance miss
By: Investing.com | May 3, 2023

Qualcomm Incorporated (NASDAQ:QCOM) shares fell more than 2% after-hours following the company’s reported Q2 results. While EPS of $2.15 was in-line with expectations and revenue of $9.27 billion (down 17% year-over-year) beat the consensus estimate of $9.09B, Q3 guidance missed expectations.

QCT segment revenue was down 17% year-over-year to $7.9B, and QTL segment revenue fell 18% to $1.3B.

“As we navigate this challenging environment, we remain focused on the critical factors we can control to emerge stronger from this downturn – our leading technology roadmap, best-in-class product portfolio, strong customer relationships and operational efficiencies,” said CEO Cristiano Amon.

The company expects Q3/23 EPS in the range of $1.70-$1.90, compared to the consensus of $2.20, and revenue in the range of $8.1-8.9B, compared to the consensus of $9.25B.

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