Why Qualcomm Stock Dropped Today
Shares of (NASDAQ: QCOM) fell 5% on Thursday despite stronger-than-expected quarterly results and solid forward guidance from the semiconductor giant.
For its fiscal first quarter of 2024 (ended Dec. 24, 2023), Qualcomm's adjusted (non-GAAP) revenue grew 5% year over year to $9.922 billion, translating to a 16% increase in adjusted net income to $3.101 billion, or $2.75 per share. Analysts, on average, were only modeling earnings of $2.37 per share on revenue of $9.52 billion.
Qualcomm CEO Cristiano Amon noted the quarterly results exceeded the high ends of Qualcomm's own guidance.
Source Fool.com
Qualcomm Inc. Stock
€166.88
-0.730%
The stock is one of the favorites of our community with 36 Buy predictions and 1 Sell predictions.
With a target price of 172 € there is a slightly positive potential of 3.07% for Qualcomm Inc. compared to the current price of 166.88 €.
