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.

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Source Fool.com