Qualcomm Drops Over 3% as Guidance Falls Short
2022.07.28 02:06
QUALCOMM (QCOM) Drops Over 3% as Guidance Falls Short
By Davit Kirakosyan
Qualcomm Incorporated (NASDAQ:QCOM) shares were trading more than 3% lower after-hours Wednesday following the company’s reported Q3 results. While both Q3 EPS of $2.96 and revenue of $10.93 billion came in better than the consensus estimates of $2.89 and $10.87 billion, respectively, the company’s Q4 guidance was weak.
QCT segment revenue grew 45% year-over-year to $9.378 billion, and QTL segment revenue grew 2% year-over-year to $1.519 billion.
“We are pleased to report strong quarterly results, with record QCT Automotive and IoT revenues in a challenging macroeconomic environment,” said Cristiano Amon, President and CEO of Qualcomm Incorporated. “We are also excited to announce the extension of our patent license agreement with Samsung (KS:005930) and the expansion of our strategic partnership to deliver leading premium consumer experiences for Samsung Galaxy devices. Qualcomm is well positioned to be the company bringing advanced connectivity, data processing and intelligence to the edge, enabling cloud-edge convergence.”
The company expects Q4/22 EPS to be in the range of $3.00-$3.30, compared to the consensus of $3.23, and revenue in the range of $11-11.8 billion, compared to the consensus of $11.87 billion.
The wireless chip giant also announced an expanded partnership with Samsung Electronics.
