Qualcomm gives strong forecast, signaling chip slump recovery
Publishing timestamp: 2023-11-01 19:46:03
Summary
Qualcomm reported fourth-quarter earnings that exceeded expectations, despite declines in sales and earnings compared to the previous year. The company gave a strong forecast for the current quarter and saw its stock rise over 3% in extended trading. Qualcomm's fortunes are tied to the smartphone industry, which has been in a slump due to the Covid pandemic. However, the company expects stabilization in demand for handsets and its automotive business showed growth. Qualcomm is positioning itself as an artificial intelligence company and continues to supply Apple with 5G modems.
Sentiment: MIXED
Tickers: QCOM,
Keywords: earnings, business, mobile, breaking news: technology, business news, apple inc, technology, dividends, qualcomm inc,
Source: https://www.cnbc.com/2023/11/01/qualcomm-qcom-earnings-report-q4-2023.html