Wireless chipmaker Qualcomm (NASDAQ:QCOM) will be announcing earnings results tomorrow after market hours. Here's what to look for.
Last quarter Qualcomm reported revenues of $8.45 billion, down 22.7% year on year, missing analyst expectations by 0.66%. It was a weak quarter for the company, with underwhelming revenue guidance for the next quarter and a decline in its operating margin.
Is Qualcomm buy or sell heading into the earnings? Find out by reading the original article on StockStory.
This quarter analysts are expecting Qualcomm's revenue to decline 25.2% year on year to $8.52 billion, a deceleration on the 22.1% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.91 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates twice over the last two years.
Looking at Qualcomm's peers in the processors and graphics chips segment, some of them have already reported Q4 earnings results, giving us a hint of what we can expect. Intel (NASDAQ:INTC)'s revenues decreased 7.69% year on year, beating analyst estimates by 4.12%, and SMART reported revenue decline of 27.7% year on year, missing analyst estimates by 15.6%. Intel traded up 7.1% on the results, SMART was down 23.6%.
Read the full analysis of Intel's and SMART's results on StockStory.
Tech stocks have been facing declining investor sentiment since 2022 and while some of the processors and graphics chips stocks have fared somewhat better, they have not been spared, with share price declining 11.8% over the last month. Qualcomm is down 3.28% during the same time, and is heading into the earnings with analyst price target of $136.9, compared to share price of $107.46.
The author has no position in any of the stocks mentioned.
