Why Qualcomm Stock Fell Hard Today
Qualcomm (NASDAQ: QCOM) shareholders are having a bad morning after the semiconductor company reported its fourth-quarter results late yesterday. While the tech giant's earnings were on par with Wall Street's expectations and revenue even beat analysts' consensus estimate, worse-than-expected first-quarter guidance caused investors to panic.
As a result, Qualcomm's shares tumbled 7.2% as of 10:45 a.m. ET.
Let's start with the good news: Qualcomm's non-GAAP (adjusted) earnings per share for the fourth quarter were $3.13, matching analysts' average estimate, and up 23% from the year-ago quarter.
Source Fool.com
