Qualcomm revenue up 22% but shares fall on first-quarter guidance
Summary
Cristiano Amon, president and CEO of Qualcomm, speaks during the Milken Institute Global Conference on May 2, 2022, in Beverly Hills, Calif. Qualcomm shares fell 5% in extended trading on Wednesday after the chipmaker reported in-line fiscal fourth-quarter earnings but offered poor first-quarter guidance. "Given the uncertainty caused by the macroeconomic environment, we are updating our guidance for calendar year 2022 3G/4G/5G handset volumes from a year-over-year mid-single-digit percentage decline, to a low double-digit percentage decline," Qualcomm said in the report. "The rapid deterioration in demand and easing of supply constraints across the semiconductor industry have resulted in elevated channel inventory." The Qualcomm Technology Licensing, or QTL, the other major Qualcomm unit thats comprised of licensing fees related to 5G and other technologies the company makes, produced $1.44 billion in revenue, which was up 8% but lower than the $1.58 billion StreetAccount consensus. Notwithstanding the after-hours move, Qualcomm shares are down 37% so far this year, while the broader S&P 500 index is down 20% over the same period.
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