Qualcomm Stock Drops After Q1 Earnings, Q2 Guidance Misses Estimates
QUALCOMM Incorporated (NASDAQ:QCOM) shares are trading lower Thursday after the company reported first-quarter financial results and issued second-quarter guidance below estimates on Wednesday after the market closed.Qualcomm stock is taking a hit today. What’s weighing on QCOM shares?Quarterly Results And OutlookQualcomm reported adjusted earnings per share of $3.50, beating the consensus estimate of $3.40. In addition, the company reported revenue of $12.25 billion, beating the consensus estimate of $12.18 billion. Qualcomm said revenue from its Qualcomm CDMA Technologies segment totaled approximately $10.47 billion in the first quarter, while revenue from its Qualcomm Technology Licensing segment came in at about $1.79 billion.The company reported operating income of $3.37 billion and net income of $3.00 billion for the quarter. GAAP diluted earnings per share were $2.78.Qualcomm ended the quarter with $7.21 billion in cash and cash equivalents.The company sees second-quarter adjusted earnings per share of $2.45 to $2.65, ...Full story available on Benzinga.com
