Qualcomm Inc QCOM shares are trading higher by 2.9% to $143.36 during Thursday’s session. Shares of several semiconductor and chip stocks are trading higher in sympathy with Taiwan Semiconductor Mfg. Co. Ltd. after the company reported strong fourth-quarter financial results.
When a major player in the semiconductor industry, such as TSMC, reports strong financial results, it often generates positive sentiment across the entire sector.
Investors may believe that the positive performance of one company is indicative of a broader trend of growth and success in the semiconductor market, leading them to buy or hold shares in other semiconductor companies like Qualcomm.
What Happened With TSMC Earnings?
Taiwan Semiconductor posted fourth-quarter revenue of $19.62 billion, marking a 1.5% year-on-year decline. However, this figure exceeded the consensus estimate of $19.45 billion. Additionally, the earnings per share (EPS) were $1.44, surpassing the consensus expectation of $1.37.
“Our fourth quarter business was supported by the continued strong ramp of our industry-leading 3-nanometer technology,” said Wendell Huang, VP and CFO of TSMC…Read More
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According to data from Benzinga Pro, QCOM has a 52-week high of $146.89 and a 52-week low of $101.47.
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