Qualcomm quarterly forecast underwhelms, but CEO hopeful smartphone market will rebound
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- Qualcomm forecast Q3 revenue $9.2‑$10bn, below the $10.27bn Wall Street estimate.
- Qualcomm projected adjusted EPS $2.10‑$2.30, missing the $2.45 consensus.
- Qualcomm shares surged 10% after the CEO declared the smartphone market bottom reached.
- Qualcomm unveiled a $20bn stock buyback program to reassure investors amid demand slowdown.
- Qualcomm is targeting data‑center chips, planning shipments before year‑end and competing with Broadcom and Marvell.
- Counterpoint Research reported global smartphone shipments fell 6% in Q1, noting memory‑chip shortages persisting into late 2024.
Why it matters: Qualcomm’s $9.2‑$10bn Q3 revenue miss will pressure memory‑chip suppliers, while the 10% share surge and $20bn buyback reward shareholders and tighten the company’s capital structure, accelerating its shift to data‑center chips.
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