Shares of Qualcomm (NASDAQ:QCOM) are sliding in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at $2.37, which beat analysts’ consensus estimate of $2.36 per share.
Sales declined by 11.6% year-over-year, with revenue hitting $9.46 billion. This missed analysts’ expectations of $9.57 billion.
Looking forward, management now expects revenue for Q2 2023 to be in the range of $8.7 billion to $9.5 billion. EPS is expected to be in the range of $2.05 – $2.25. For reference, analysts were expecting $9.41 billion in revenue and $2.24 in EPS.
Overall, Wall Street has a consensus price target of $141.17 on Qualcomm stock, implying 4.35% upside potential, as indicated by the graphic above.
