Qualcomm Inc (NASDAQ:QCOM) reported upbeat first-quarter financial results and issued second-quarter guidance below estimates on Wednesday.

Qualcomm reported record quarterly revenue with first-quarter total revenue of $12.25 billion, up 5% year-over-year. The revenue beat a Street consensus estimate of $12.18 billion according to data from Benzinga Pro. The company reported adjusted earnings per share of $3.50, which beat a Street consensus estimate of $3.40.

Qualcomm's guidance is for second-quarter revenue in a range of $10.20 billion to $11.0 billion, versus a Street consensus estimate of $11.11 billion according to data from Benzinga Pro. The company's guidance is for second-quarter adjusted earnings per share of $2.45 to $2.65, versus a Street consensus estimate of $2.88.

“We are pleased to deliver strong quarterly results, with record total company revenues,” Qualcomm CEO Cristiano Amon said. “Our momentum across personal, industrial, and physical AI is growing.”

Qualcomm shares dipped 9.6% to $134.64 in pre-market trading.

These analysts made changes to their price targets on Qualcomm following earnings announcement.

• Mizuho analyst Vijay Rakesh maintained Qualcomm with a Neutral and lowered the price target from $160 to $140.
• Rosenblatt analyst Kevin Cassidy maintained the stock with a Buy and cut the price target from $225 to $190.

Considering buying QCOM stock? Here’s what analysts think:

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