Qualcomm (QCOM) received downgrades and target price reductions Thursday after the mobile chipmaker late Wednesday cut its outlook for the year, citing increased competition in China and sales losses to a major customer, likely Samsung. Analysts at Northland Securities and Macquarie downgraded the stock Thursday. Qualcomm stock tumbled 11.2% to 63.01 in early afternoon trading on the stock market today, hitting its lowest level since July 2013.
Qualcomm late Wednesday cut its outlook for the year, citing the loss of sales to a major customer, likely No. 1 smartphone maker Samsung. The news sent Qualcomm stock falling nearly 8% in after-hours trading, after the firm lowered its outlook when releasing earnings for its fiscal Q1 ended Dec. 28. The wireless chip leader also cited competition in China as a factor in its new guidance. Qualcomm (QCOM) reported sales of $7.1 billion, up 7% from
Qualcomm (QCOM) is expected to see modest fiscal Q1 revenue gains amid healthy global demand for 3G and 4G smartphones, while earnings are forecast to be flat. The San Diego-based company, which manufactures chips used in smartphones and other digital telecommunications products, will report fiscal Q1 results late Wednesday. Analysts polled by Thomson Reuters expect earnings per share minus items of $1.25, a penny less than the year-earlier