Qualcomm (NASDAQ:QCOM) noticed its shares dipping 1.5% after Qualcomm reported $2.37 in adjusted earnings per share for its fiscal first quarter. That was three cents better than estimates, according to Refinitiv. However, Qualcomm’s adjusted revenue came in at $9.46 billion, below the expected $9.60 billion.
The current consensus among analysts on Wall Street is that Qualcomm will report earnings of $2.35 per share, excluding the impact of any one-time items, on sales of $9.57 billion for the quarter that ended in December. As for Qualcomm, the company has said that it anticipates earning between $2.25 and $2.45 per share, with sales falling somewhere in the region of $9.2 billion to $10 billion.
During the same time period a year earlier, Qualcomm stock generated revenue of $10.7 billion and earnings per share of $2.98, excluding any one-time items.
What Qualcomm has to say about the condition of the smartphone industry is one of the topics that analysts and investors will be focusing on to a significant degree. It is anticipated that there will be a significant drop in the number of smartphones shipped during the last three months of 2022. Qualco sales could have been harmed directly due to this drop in the number of smartphones sold.
As part of its strategy to diversify into automotive systems and other business sectors, Qualcomm has announced that it would reduce the amount of product, it ships to one of its most important clients, Apple.
QCOM shares docked 65 cents to $135.21.
