Shares of Qualcomm (NASDAQ:QCOM) slipped in after-hours trading after the semiconductor and equipment giant announced its first-quarter earnings, which exceeded market expectations. The company reported earnings of $2.75 per share on revenue of $9.92 billion versus analysts’ predictions of $2.37 per share on revenue of $9.52 billion.
For the upcoming second quarter, Qualcomm projects earnings of $2.20 to $2.40 per share and anticipates revenue to fall between $8.9 billion and $9.7 billion. These forecasts surpassed analysts’ expectations, which were pegged at earnings of $2.25 per share and revenue of $9.28 billion.
Is Qualcomm a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on QCOM stock based on 14 Buys, seven Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 10% rally in its share price over the past year, the average QCOM price target of $154.80 per share implies 4.24% upside potential.
