Qualcomm Stock Drops Despite Fiscal Q1 Beat Higher Outlook
Despite the upbeat report, Qualcomm shares traded down by 5% in late trading. CEO Cristiano Amon said the results “reflect the strong demand for our products and technologies, with QCT revenues exceeding those of any fabless semiconductor company,” referring to the company’s division that sells chipsets. Added Amon, “We are at the beginning of one of the largest opportunities in our history, with our addressable market expanding by more than seven times to approximately $700 billion in the next decade....