(News Bulletin 247) – Qualcomm published quarterly results last night in line with expectations, but its outlook – deemed cautious by analysts – caused its stock price to fall on Thursday in New York.

For its second fiscal quarter ended March 26, the designer of chips for mobile communications said to have posted a net profit down 42% to $ 1.7 billion.

Excluding items, its earnings per share were $2.15, a figure broadly in line with market expectations.

Its quarterly revenue fell 17% to $9.27 billion in an environment described as “difficult” by the San Diego-based group.

Citing both the “headwinds” at the macroeconomic level, the decline in smartphone shipments and a trend of destocking among its customers, the Californian group said it expected EPS of between 1.70 and 1.90 dollars for its third quarter, while Canaccord Genuity analysts were targeting a profit of $1.96 per share.

At 10:45 am (New York time), the title dropped 6.6% in the wake of these disappointing forecasts, thus signing the largest drop in the Nasdaq 100 index.

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