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
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 €.