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Qualcomm Stock Drops on Soft Revenue Outlook

Qualcomm

JOSEP LAGO / AFP via Getty Images

KEY TAKEAWAYS

  • Qualcomm shares are falling in premarket trading Thursday, a day after the chipmaker's soft current-quarter revenue outlook outweighed better-than-expected fiscal second-quarter results.
  • The company, which makes most of its revenue from selling chips for smartphones, including those made by Apple, said Q2 handset chip sales rose 12% year-over-year to $6.93 billion.
  • Qualcomm shares, which entered Thursday down more than 3% this year, are dropping a further 6% in premarket trading.

Qualcomm (QCOM) shares are falling in premarket trading Thursday, a day after the chipmaker's soft current-quarter revenue outlook outweighed better-than-expected fiscal second-quarter results.

The San Diego, Calif.-based company reported adjusted 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of $2.85 on revenue of $10.98 billio🙈n. Analysts polled b🔥y Visible Alpha projected $2.82 and $10.63 billion, respectively.

The company, which makes most of its revenue from selling chips for smartphones, including those made by Apple (AAPL), said Q2 handset chip sales rose 1🌠2% year-over-year to $6.93 billion.

"As we navigate the current macroeconomic and trade environment, we remain focused on the critical factors we can control—our leading technology roadmap, best-in-class product portfolio, strong customer relationships and operational efficiencies," CEO Cristiano Amon said.

Q3 Revenue Outlook Comes Up Short of Exꦇpectationsꦫ

However, for the third quarter, Qualcomm expects revenue of $9.9 billion to $10.7 billion, with the midpoint below the $10.♚35 billion con༒sensus estimate.

Qualcomm shares, ⛎which entered Thursday down more than 3% this year, are dropping a further 6% in premarket trad✤ing.

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