Why Qualcomm Stock Got Rocked Today
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?
Source Fool.com
Qualcomm Inc. Stock
€158.50
3.210%
The stock is one of the favorites of our community with 47 Buy predictions and 2 Sell predictions.
With a target price of 178 € there is a slightly positive potential of 12.3% for Qualcomm Inc. compared to the current price of 158.5 €.
