After-Hours Action: What's Going On With Qualcomm Stock?

QUALCOMM Inc QCOM shares are trading lower in Wednesday's after-hours session after the company reported financial results and issued guidance below analyst estimates.

Qualcomm said fiscal fourth-quarter revenue increased 22% year-over-year to $11.39 billion, which beat average analyst estimates of $11.37 billion, according to Benzinga Pro

The company reported quarterly earnings of $3.13 per share, which was in line with average estimates.

"We are pleased to report another strong year, despite the macroeconomic challenges, as we continue to execute our strategy of transforming Qualcomm from a wireless communications company for the mobile industry to a connected processor company for the intelligent edge," said Cristiano Amon, president and CEO of Qualcomm.

"While our financial outlook is being temporarily impacted by elevated channel inventory, our diversification strategy and long-term opportunities remain unchanged."

Qualcomm expects fiscal first-quarter revenue to be between $9.2 billion and $10 billion versus average estimates of $12.02 billion. The company expects first-quarter adjusted earnings to be between $2.25 and $2.45 per share versus average estimates of $3.42 per share.

See Also: Roku Q3 Earnings: Streaming Platform Posts Revenue Beat, Stock Hammered On Outlook, Weak Advertising Comments

QCOM Price Action: Qualcomm has a 52-week high of $193.58 and a 52-week low of $104.66.

The stock was down 6.7% in after-hours at $105 at publication time.

Photo: courtesy of Qualcomm.

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsAfter-Hours CenterMoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!