Qualcomm on Wednesday, July 27 published a report for the 3rd quarter of 2022. The report exceeded analysts’ expectations. However, the weak outlook for the next quarter caused the shares to drop by a few percent. Shares fell 4% in the main trading session.
Key financial highlights from Qualcomm Q3 2022 report
- – Earnings per share = $2.96 (forecast $2.87). The growth was 53% compared to last year.
– Revenue = $10.93 billion (forecast $10.88 billion). Revenue grew by 37% compared to the same quarter last year.
Qualcomm gives weak guidance for Q4 2022
Qualcomm forecasts EPS of between $3 and $3.30 in Q4 2022 ($3.23 forecast). Revenue in the 4th quarter of 2022 may range from $11 to $11.8 billion (Wall Street forecast $11.87). Thus, the forecast for the next quarter is not in line with Wall Street’s expectations, which caused the stock to fall.