Why Qualcomm Stock Flopped on Friday
Top mobile technology equipment supplier Qualcomm (NASDAQ: QCOM) reported its latest set of earnings on Friday, and the market didn't react all that positively. Investors traded the company's shares down by 0.6%, which wasn't a disastrous reaction, but at the same time hardly encouraging.
Qualcomm's first quarter of fiscal 2023 saw the California-based company earn $9.46 billion in revenue, which was a 12% decline from the same period the previous year. A steeper tumble was recorded on the bottom line, with non-GAAP (adjusted) net profit plummeting 27% to $2.68 billion, or $2.37 per share.
This meant a mixed quarter for Qualcomm, as analysts tracking the stock were collectively estimating it would book $9.6 billion on the top line yet only $2.36 in per-share, adjusted net income.
Source Fool.com
