Qualcomm misses on Q1 revenues, guides Q2 below street By Investing.com

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Qualcomm misses on Q1 revenues, guides Q2 below street

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Qualcomm misses on Q1 revenues, guides Q2 below street

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By Davit Kirakosyan

Qualcomm (NASDAQ:QCOM) reported its Q1 results, with revenue coming in at $9.46 billion (down 12% year-over-year), missing the consensus estimate of $9.6B. EPS was $2.37, slightly better than the consensus estimate of $2.36.

QCT segment revenue was down 11% year-over-year to $7.892B, while QTL segment revenue dropped 16% year-over-year to $7,892B.

“In a challenging environment, we delivered results consistent with guidance, including year-over-year growth in QCT Automotive and IoT,” said Cristiano Amon, President and CEO of the company. “We are confident in our ability to navigate the near term and remain focused on executing our diversification strategy.”

The company provided its Q2/23 outlook, expecting EPS in the range of $2.05-$2.25, compared to the consensus of $2.26. Q2 revenue is expected in the range of $8.7-9.5B, compared to the consensus of $9.55B.

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