BUZZ-Qualcomm forecasts weaker profit, expects smartphone market rebound; shares rise

QUALCOMM Incorporated

QUALCOMM Incorporated

QCOM

0.00

** Shares of chip firm Qualcomm QCOM.O rise 13% to $176.3 in extended trading
** Co forecasts quarterly adjusted profit below Wall Street expectations as it braces for a hit to demand stemming from a shortage of memory chips used in consumer electronics

** Co reports second-quarter revenue of $10.6 billion, in line with expectations

** Co forecasts third-quarter adjusted profit of between $2.10 and $2.30 per share, compared with estimates of $2.45 per share - data compiled by LSEG

** Co forecast third-quarter chip revenue of between $7.9 billion and $8.5 billion, below estimates of $8.93 billion

** Qualcomm CEO Cristiano Amon says the smartphone market should begin to rebound after its fiscal third quarter

** Up to last close, QCOM down 8.8% YTD


This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.