Shares of semiconductor maker Qualcomm (NASDAQ: QCOM) tumbled 9.9% through 11:55 a.m. ET on Thursday after reporting mixed earnings the previous evening.

Analysts had forecast that Qualcomm would do $8.5 billion in sales for its fiscal Q3 2023, but the company fell about $60 million short of that mark. On the plus side, Qualcomm beat analyst estimates for earnings. Instead of the $1.81 per share projected, the company turned in a non-GAAP profit of $1.87 per share.  

But if Qualcomm "beat earnings" -- and did so on even less revenue than expected, isn't that a good thing? Shouldn't Qualcomm stock be going up today instead of down?

Continue reading

Source Fool.com