Qualcomm Incorporated (NASDAQ:QCOM) shares are trading lower Thursday after the company reported third quarter financial results.

What To Know: The company reported adjusted earnings per share of $2.77, beating the consensus estimate of $2.71. In addition, the company reported sales of $10.36 billion, beating the consensus estimate of $10.33 billion.

The company broke down sales further, reporting QTL revenue was $1.32 billion, up 4% year-over-year and QCT revenue was $8.99 billion, up 11% year-over-year.

Qualcomm reported QCT revenue of $6.33 billion from handsets, up 7% year-over-year; $984 million from automotive, up 21%; and $1.68 billion from IoT, up 24%.

Q4 Outlook: Qualcomm expects adjusted earnings per share between $2.75 and $2.95, compared to the consensus estimate of $2.82. GAAP earnings per share are projected to range from $2.23 to $2.43, versus the $2.42 estimate.

The company anticipates revenue between $10.30 billion and $11.10 billion, compared to the consensus estimate of $10.56 billion.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

• Piper Sandler analyst Harsh Kumar maintained an Overweight rating on Qualcomm and lowered the price target from $190 to $175.
• Piper Sandler analyst Harsh Kumar maintained an Overweight rating on Qualcomm and lowered the price target from $190 to $175.

See Also: Examining the Future: Exxon Mobil’s Earnings Outlook

QCOM Price Action: At the time of writing, Qualcomm shares are trading 6% lower at $149.46, according to data from Benzinga Pro.

Image via Shutterstock