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Qualcomm rises 5% on upbeat guidance, FQ4 results

(Updated - November 2, 2023 5:47 AM EDT)

Investing.com - Qualcomm (NASDAQ:QCOM) reported stronger-than-expected guidance after fiscal fourth-quarter results topped Wall Street estimates.

Qualcomm (QCOM) shares gained over 5% in pre-market Thursday trade following the report.

Qualcomm reported adjusted EPS of $2.02 on revenue of $8.67 billion. Analysts polled by Investing.com anticipated EPS of $1.91 on revenue of $8.51B.

Looking ahead to Q1, the company forecasts adjusted EPS in a range of $2.25 to $2.45, topping estimates for adjusted EPS of $2.22. Revenue for Q1 was guided in a range of $9.1B to $9.9B, in-line with consensus estimates for $9.19B.

Despite positive results, analysts at Oppenheimer said they remain on the sidelines as they await "auto/PC/IoT diversification efforts" to prove out.

Analysts at Bernstein are more bullish as they flag a cheap valuation. They raised the price target by $10 to $145 per share.

"With $10+ in earnings power credibly on the table the stock (in the ballpark of ~$110) just feels too cheap to us, especially in a bottoming scenario," the analysts said.


Additional reporting by Senad Karaahmetovic

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