Earnings Results: Qualcomm stock slips further after hours as outlook overshadows earnings beat

by | Aug 2, 2023 | Stock Market

Qualcomm Inc. shares declined further in Wednesday’s extended session as the chip maker’s forecast was on the low side of Wall Street estimates following an earnings beat. Qualcomm
shares fell 2% after hours, following a 2.1% decline to close at $129.27 in the regular session. Analysts surveyed by FactSet forecast third-quarter earnings of $1.81 a share on revenue of $8.51 billion.

The company forecast fourth-quarter earnings of $1.80 to $2 a share on revenue of $8.1 billion to $8.9 billion, while the Street estimated $1.92 a share for the fourth quarter along with revenue of $8.74 billion. The company reported fiscal third-quarter net income of $1.8 billion, or $1.60 a share, compared with $3.73 billion, or $3.29 a share, in the year-ago period. The chip maker reported adjusted earnings, which exclude stock-based compensation expenses and other items, of $1.87 a share, compared with $2.96 a share in the year-ago period. Total revenue for the third quarter fell to $8.45 billion from $10.94 billion in the year-ago period. Analysts surveyed by FactSet had forecast third-quarter earnings of $1.81 a share on revenue of $8.51 billion. Year to date, Qualcomm shares are up 17.6%, compared with a 22% gain by the PHLX Semiconductor Index
a 17.6% gain by the S&P 500 index
and a 46.8% gain by the tech-heavy Nasdaq Composite Index

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