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TAKEAWAYS KEY
- Qualcomm shares are falling in premarket trading Thursday, a day after the chipmaker's soft current-quarter revenue outlook outweighed better-than-expected fiscal second-quarter results.
- The company, whose main source of revenue is from selling chips to smartphones, such as those made by Apple and Samsung, reported that Q2 handset sales rose 12% on an annual basis to $6.93billion.
- Qualcomm shares are down 6% in premarket trade. Qualcomm shares were down more than 3% on Thursday.
Qualcomm (QCOM), a chipmaker, is seeing its shares fall in premarket trading on Thursday. This comes after the company’s soft revenue outlook for the current quarter outweighed its better-than expected fiscal second quarter results.
The San Diego, Calif. based company reported adjusted earnings (EPS) of 2.85 on revenues of $10.98 billion. Visible Alpha surveyed analysts who projected $2.82 per share and $10.63 billion respectively.
The company, whose main source of revenue is from selling chips to smartphones, such as those made by Apple (AAPL), reported that Q2 handset sales rose 12% on an annual basis to $6.93billion.
"As we navigate the current macroeconomic and trade environment, we remain focused on the critical factors we can control—our leading technology roadmap, best-in-class product portfolio, strong customer relationships and operational efficiencies," CEO Cristiano Amon said.
Q3 Revenue Forecast falls short of Expectations
Qualcomm’s third-quarter revenue is expected to be between $9.9 billion and $10.7 billion. The midpoint is below the consensus estimate of $10.35 billion.
Qualcomm shares are down 6% in premarket trade. Qualcomm shares were down over 3% on Thursday.
