Qualcomm Set to Report Earnings: Analysts Expect Modest Growth
Analyst Predictions for Fiscal Q1 2024 Earnings Call
QUALCOMM Incorporated (QCOM), with a market capitalization of $178.3 billion, stands out as a prominent player in the semiconductor field, particularly in wireless technology. The company, headquartered in San Diego, California, creates cutting-edge chips for mobile devices, automobiles, and artificial intelligence. Qualcomm is scheduled to release its fiscal Q1 earnings results on Wednesday, January 29, after the market closes.
Projected Earnings and Recent Performance
Analysts predict that Qualcomm’s financial report will show a profit of $2.40 per share, marking a 3% increase compared to $2.33 per share from the same quarter last year. Historically, the company has exceeded Wall Street’s earnings expectations in the last four quarters, highlighting a significant 12.4% outperformance in the latest reporting period.
Future Expectations for Fiscal 2025
Looking ahead to fiscal 2025, forecasts suggest that Qualcomm will achieve an earnings per share (EPS) of $9.09, reflecting an increase of nearly 7.5% over the previous year’s $8.46.
Stock Performance and Market Trends
Over the last year, QCOM shares have risen by 17.4%. In comparison, the S&P 500 Index ($SPX) increased by 25.8%, while the Technology Select Sector SPDR Fund (XLK) saw a 27.1% gain during the same timeframe.
On January 3, Qualcomm shares rose over 2%, benefiting from a broader rally among semiconductor companies. Conversely, shares fell by 6.2% on November 20 after the firm disclosed plans to branch out from the smartphone market by 2030 during its IoT and Automotive Diversification Investor Day, raising concerns about future revenue, especially with Apple’s potential shift away from Qualcomm chips by 2027.
Analyst Opinions and Future Outlook
The consensus among analysts regarding QCOM stock remains cautiously optimistic, with an overall “Moderate Buy” rating. Out of 32 analysts following the stock, 16 recommend a “Strong Buy,” one recommends a “Moderate Buy,” 14 suggest a “Hold,” and one advises a “Strong Sell.”
The average price target for QCOM among analysts is $204.69, indicating a possible upside of 27.5% from its current price.
On the date of publication,
Kritika Sarmah
did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
