Qualcomm posted its third quarter earnings that topped analysts’ expectations on solid revenue growth.
Quarterly non-GAAP earnings for the quarter were $2.96 per share, growing from the year-ago quarter’s $1.92 per share. The bottom line also surpassed the Zacks Consensus Estimate by 10 cents.
Non-GAAP revenues in the reported quarter were $10,928 million compared with consensus expectation of $10,881 million.
Revenues from Qualcomm CDMA Technologies (QCT) grew +45% year over year to $9,378 million in the quarter, driven by handsets and higher demand in adjacent platforms beyond mobile (RF front-end, automotive and IoT).
Qualcomm Technology Licensing (QTL) revenues were up +2% to $1,519 million, on improvement in licensing revenues. The company has extended its patent license agreement with Samsung by seven years through the end of 2030.
For the fourth quarter of fiscal 2022, Qualcomm projects non-GAAP earnings in the range of $3-$3.30 per share, while GAAP earnings are expected be $2.53-$2.83 per share. The company predicts GAAP revenues of $11-$11.8 billion. Revenues from QTL could be between $1.45 billion and $1.65 billion, according to the firm’s forecasts. Revenues from QCT is expected to be between $9.5 billion and $10.1 billion.
QCOM in -2.55% downward trend, sliding for three consecutive days on August 29, 2024
Moving lower for three straight days is viewed as a bearish sign. Keep an eye on this stock for future declines. Considering data from situations where QCOM declined for three days, in of 280 cases, the price declined further within the following month. The odds of a continued downward trend are .
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Notable companies
The most notable companies in this group are NVIDIA Corp (NASDAQ:NVDA), Taiwan Semiconductor Manufacturing Company Ltd (NYSE:TSM), Broadcom Inc. (NASDAQ:AVGO), Advanced Micro Devices (NASDAQ:AMD), Texas Instruments (NASDAQ:TXN), QUALCOMM (NASDAQ:QCOM), Applied Materials (NASDAQ:AMAT), Lam Research Corp (NASDAQ:LRCX), Analog Devices (NASDAQ:ADI), KLA Corp (NASDAQ:KLAC).
Industry description
The semiconductor industry manufacturers all chip-related products, including research and development. These chips are used in innumerable electronic devices, including computers, cell phones, smartphones, and GPSs. Intel Corporation, NVIDIA Corp., and Broadcomm are some of the prominent players in this industry. Semiconductor companies usually tend to do well during periods of healthy economic growth, thereby inducing further research and development in the industry – which in turn augurs well for productivity and growth in the economy. In the near future, demand for semiconductor products (and possibly innovation within the segment) should only expand further, with the proliferation of 5G, autonomous vehicles, IoT, and various AI-driven electronics set to herald a new, advanced chapter in the technology-driven world as we know it. With burgeoning prospects comes great competition. In 2015, SIA estimated that U.S. semiconductor industry ranks as the second most competitive U.S. industry out of 2882 U.S. industries designated manufacturers by the U.S. Census Bureau.
Market Cap
The average market capitalization across the Semiconductors Industry is 44.44B. The market cap for tickers in the group ranges from 13.43K to 2.52T. NVDA holds the highest valuation in this group at 2.52T. The lowest valued company is CYBL at 13.43K.
High and low price notable news
The average weekly price growth across all stocks in the Semiconductors Industry was -7%. For the same Industry, the average monthly price growth was 1%, and the average quarterly price growth was -16%. WISA experienced the highest price growth at 94%, while CRDO experienced the biggest fall at -24%.
Volume
The average weekly volume growth across all stocks in the Semiconductors Industry was -25%. For the same stocks of the Industry, the average monthly volume growth was -32% and the average quarterly volume growth was -66%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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