Qualcomm’s Q3 Results and Market Outlook
Qualcomm (NASDAQ: QCOM) will release its fiscal third-quarter results on Wednesday, July 29. The company reported a 13% decline in handset revenue last quarter, while automotive revenue surged by 38% to a record $1.3 billion. For Q3, Qualcomm’s revenue guidance ranges between $9.2 billion and $10.0 billion, down from $10.6 billion in the previous quarter.
Qualcomm’s stock trades at $162.88, approximately 37% lower than its 52-week high of $259.92. Despite the average analyst rating of ‘hold’, the price target sits at $221.23, indicating a potential upside of about 36%. The company faces challenges from increased memory chip prices affecting handset makers and competition from Apple, which is phasing out Qualcomm modems in favor of in-house chips.
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