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Qualcomm Stock Plummets 10% on Weak Guidance Despite Earnings Beat
Qualcomm Stock Plummets 10% on Weak Guidance Despite Earnings Beat
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Qualcomm shares tumbled 10% post-earnings as markets rejected its soft Q2 outlook, overshadowing a Q1 revenue and earnings beat. The chipmaker posted $12.25B in revenue (up 5% YoY) and $3.50 adjusted EPS, but net income slipped 6% amid rising R&D costs. Memory chip shortages were cited for the gloomy forecast.
The QCT semiconductor division grew 5% to $10.61B, driven by $7.82B in handset chips and $1.10B from automotive. Investors punished the stock despite the segment's resilience, signaling skepticism about near-term recovery prospects in the semiconductor supply chain.
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