Qualcomm Earnings: QCOM Stock Slides on Revenue Guidance Miss

QCOM stock is down about 2.8% after hours

Qualcomm earnings (NASDAQ:QCOM) were better than what analysts were expecting for the company’s most recent period, but a weak revenue guidance for its current quarter send QCOM stock sliding late in the day.

Qualcomm EarningsThe chipmaker announced that for its fourth quarter of fiscal 2018, its net loss reached $493 million, roughly 35 cents per share. The figure was more than double the company’s net loss from the year-ago quarter, when it was on the red for $168 million, or 11 cents per share.

Qualcomm added that its earnings reached 90 cents per share on an adjusted basis, topping the 83 cents per share that analysts were calling for in their consensus estimate, according to data from a FactSet survey. On the other hand, revenue was down from $5.91 billion to $5.8 billion for the period, but the figure did surpass the $5.53 billion that the Wall Street consensus estimate called for, according to FactSet.

For its first quarter of its fiscal 2019, the chipmaker predicts that its earnings will be in the range of $1.05 to $1.15 per share on an adjusted basis, handily topping the 94 cents per share that Wall Street forecasts. However, Qualcomm’s revenue guidance of $4.5 billion to $5.3 billion is short of analysts’ first-quarter sales outlook of $5.59 billion.

QCOM stock was down about 0.7% during regular trading hours in anticipation of the company’s quarterly earnings results. Shares declined a further 2.8% as the company’s revenue forecast was below what analysts projected.

Article printed from InvestorPlace Media, https://investorplace.com/2018/11/qualcomm-earnings-qcom-stock-2/.

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