Shares of Qualcomm (NASDAQ: QCOM) fell more than 5% in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Adjusted earnings per share came in at $3.13, which was in line with analysts’ consensus estimates.
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Sales increased 22.1% year-over-year, with revenue hitting $11.4 billion. This was higher than the $11.364 million that analysts were looking for.
However, investors weren’t liking the company’s forward guidance. Indeed, management now expects revenue and adjusted earnings per share for Q1 2023 to be in the ranges of $9.2 billion to $10 billion and $2.25 to $2.45, respectively.
For reference, analysts were expecting $12.05 billion in revenue along with an adjusted EPS of $3.43.
What is QCOM stock’s Target Price?
QCOM has a Moderate Buy consensus rating based on 10 Buys, four Holds, and zero Sells assigned in the past three months. The average QCOM stock price target of $164.85 implies 46.53% upside potential.
