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Qualcomm quarterly forecast underwhelms, but signs of market recovery lift shares
- On Wednesday, Qualcomm reported second-quarter revenue of $10.6 billion with adjusted earnings of $2.65 per share, meeting expectations while posting record automotive growth.
- Handset revenue fell 13% as smartphone makers, particularly in China, reduced build plans due to memory supply shortages, though CEO Amon believes the company is now "calling the bottom."
- Automotive revenue reached a record $1.3 billion, up 38%, while the company prepares to ship custom data center silicon to a leading hyperscaler in December, marking strategic diversification.
- "We are in a period of profound industry transformation," Amon said, noting that AI agents are reshaping the company's roadmap across platforms including 6G initiatives and agentic smartphone devices.
- For the third quarter, Qualcomm forecasts revenue of $9.2 billion to $10 billion, with management planning to detail growth initiatives at an Investor Day on June 24.
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Qualcomm stock jumps 17% on earnings beat and major AI chip sale
A Qualcomm sign outside a building in Sorrentro Valley. (File photo by Chris Jennewein/Times of San Diego) Qualcomm reported quarterly earnings on Wednesday that beat Wall Street estimates and announced a major sale of AI chips, prompting its stock to jump nearly 17% in after-hours trading. The San Diego-based wireless pioneer earned $7.370 billion, or $6.88 per share, on revenue of $10.599 billion in the second fiscal quarter ended March 29, co…
·San Diego County, United States
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Coverage Details
Total News Sources17
Leaning Left3Leaning Right1Center7Last UpdatedBias Distribution64% Center
Bias Distribution
- 64% of the sources are Center
64% Center
L 27%
C 64%
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