Qualcomm (QCOM) shares are inching lower in extended hours after the company reported fiscal Q3 results that reflected persistent semiconductor supply constraints. The company based out of San Diego, CA earned $2.21 per share in its third financial quarter, less than $2.23 that analysts had called for, as net income tumbled 25% year-on-year to $2 billion.
The chip company came up short on its bottom line.
The semiconductor company gave a soft outlook for the current quarter and warned of price increases.
Qualcomm reported fiscal third-quarter earnings on Wednesday that were in line with analyst expectations. But the chipmaker provided light guidance for current-quarter earnings on in-line revenue, blaming the ongoing supply crunch for computer parts, especially memory.
Qualcomm forecast fourth-quarter profit below Wall Street estimates on Wednesday, and said revenue from Apple products would decline faster than expected as supply constraints and rising costs weighed on its business.
SAN DIEGO--(BUSINESS WIRE)--Qualcomm Incorporated (NASDAQ: QCOM) today announced the Company's financial results for its third quarter of fiscal 2026 through an earnings release that is available on the Qualcomm Investor Relations website at https://investor.qualcomm.com/financial-information. The earnings release will also be furnished to the Securities and Exchange Commission (SEC) on a Form ...
Qualcomm stock price continued its strong downward trend this week, reaching its lowest level since April 30. QCOM has plunged by over 37% from its highest point this year, with its market capitalization falling from $265 billion to $171 billion.