Company news: Qualcomm (QCOM) quarterly earnings marginally miss analysts’ expectations

Qualcomm (QCOM) reported Q2 FY2023 earnings of $2.15 per share (versus $3.21 per share in Q2 FY2022), slightly missing analysts’ consensus estimate of $2.16 per share.

The company’s quarterly revenues amounted to $9.300 bln (-16.7% y/y), beating analysts’ consensus estimate of $9.120 bln.

The company also issued downside guidance for Q3 FY2023, seeing EPS of $1.70-$1.90 versus analysts’ consensus estimate of $2.13 and revenues of $8.1-$8.9 bln versus analysts’ consensus estimate of $9.12 bln.

QCOM fell to $104.77 (-7.14%) in pre-market trading.