{"id":43716,"date":"2023-08-02T21:03:35","date_gmt":"2023-08-03T01:03:35","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/qualcomm-stock-tumbles-it-sees-no-imminent-recovery\/"},"modified":"2023-08-02T21:03:38","modified_gmt":"2023-08-03T01:03:38","slug":"qualcomm-stock-tumbles-it-sees-no-imminent-recovery","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=43716","title":{"rendered":"Qualcomm Stock Tumbles. It Sees No Imminent Recovery"},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n
<\/div>\n<\/figure><\/div>\n

Qualcomm provided a revenue forecast for the September quarter below expectations on Wednesday, sending its stock lower in after-hours trading.<\/p>\n

The maker of mobile processors and 5G wireless chipsets blamed a slower recovery in China and a challenging macro environment for the disappointing results.<\/p>\n

\n

For the June quarter, Qualcomm (ticker: QCOM) reported adjusted earnings per share of $1.87, compared with Wall Street\u2019s consensus estimate of $1.81, according to FactSet. Revenue came in at $8.4 billion, which was below analysts\u2019 expectations of $8.5 billion.<\/p>\n

The bad news was the guidance. Qualcomm gave a revenue forecast for the current quarter, ending in September, of $8.1 billion to $8.9 billion\u2014which was below the consensus of $8.7 billion at the midpoint of the range.<\/p>\n

Qualcomm shares fell 7% in after-hours trading Wednesday following the release.<\/p>\n

Global smartphone demand has been soft. Last week, research firm Canalys said second-quarter worldwide shipments for the mobile phones fell 10% year-over-year.
\n Taiwan Semiconductor Manufacturing
\n (TSM) also said last month the smartphone market had deteriorated over the past three months.<\/p>\n

As a large supplier for the mobile market it is difficult for Qualcomm to overcome any general market weakness.<\/p>\n

On a conference call with investors and analysts, Qualcomm executives said they do not see an immediate rebound in demand. As a result, they plan to implement additional cost-cutting actions during the first half of the company\u2019s fiscal 2024 given the market uncertainty.<\/p>\n

Qualcomm shares have declined about 12% over the past 12 months, compared with the 26% rise of the
\n iShares Semiconductor
\n exchange-traded fund (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 provided a revenue forecast for the September quarter below expectations on Wednesday, sending its stock lower in after-hours trading. The maker of mobile processors and 5G wireless chipsets blamed a slower recovery in China and a challenging macro environment for the disappointing results. For the June quarter, Qualcomm (ticker: QCOM) reported adjusted earnings per […]<\/p>\n","protected":false},"author":1,"featured_media":43717,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-43716","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nQualcomm Stock Tumbles. 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