{"id":3502,"date":"2023-05-03T04:02:42","date_gmt":"2023-05-03T08:02:42","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/qualcomm-reports-earnings-wednesday-what-to-expect\/"},"modified":"2023-05-03T04:02:43","modified_gmt":"2023-05-03T08:02:43","slug":"qualcomm-reports-earnings-wednesday-what-to-expect","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=3502","title":{"rendered":"Qualcomm Reports Earnings Wednesday. What to Expect."},"content":{"rendered":"
\n
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<\/p>\n<\/figure><\/div>\n

Qualcomm could post weak revenue results when the maker of mobile processors and 5G wireless chipsets reports earnings after the market close Wednesday.<\/p>\n

That\u2019s because global smartphone demand has been deteriorating. Last week, research firm Canalys said first-quarter worldwide shipments for mobile phones fell 13% year over year due to difficult economic conditions.<\/p>\n

\n

As a larger supplier for the smartphone market, it might be difficult for Qualcomm (ticker: QCOM) to post strong results.<\/p>\n

The Wall Street consensus estimates for
\n Qualcomm
\n \u2018s fiscal second quarter, ended in March, are revenue of $9.1 billion with adjusted earnings per share of $2.15. Analysts\u2019 estimates for the current quarter are earnings $2.17 a share and revenue of $9.1 billion.<\/p>\n

On Monday, Bernstein analyst Stacy Rasgon reiterated his Outperform rating on Qualcomm shares, citing their low valuation. He also lowered his price target for the stock to $145 from $155. The stock closed Tuesday at $116.11.<\/p>\n

\u201cSmartphones remain very weak,\u201d Rasgon wrote. The \u201cstock should become more buyable once we (hopefully soon?) reach the smartphone bottom. And in the meantime the shares are not trading like investors are expecting tailwinds anyway.\u201d<\/p>\n

Qualcomm shares have declined about 20% over the past 12 months, compared with the roughly flat performance for the
\n iShares Semiconductor ETF
\n (SOXX), which tracks the ICE Semiconductor Index.<\/p>\n

Write to Tae Kim at tae.kim@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Qualcomm could post weak revenue results when the maker of mobile processors and 5G wireless chipsets reports earnings after the market close Wednesday. That\u2019s because global smartphone demand has been deteriorating. Last week, research firm Canalys said first-quarter worldwide shipments for mobile phones fell 13% year over year due to difficult economic conditions. As a […]<\/p>\n","protected":false},"author":1,"featured_media":3503,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-3502","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nQualcomm Reports Earnings Wednesday. 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