They miss by a nickel on revenues 100mm better than estimates. Full-year guidance is a little better than where the street put them but don’t expect numbers to go up. Qualcomm’s guidance seems to indicate more strength in the second half of the year as they’re guiding Q1 about ~100mm below consensus at the midpoint – analysts are unlikely to buy into their stronger bounce theory without some evidence to support it. The cellphone business has been notably weak – there has been an ongoing deluge of negative data in that space.
Qualcomm has roughly 13 billion in cash, equivalents and investments. They took a 366 mil impairment against losses and have unrealized losses of $1.1 billion on the sheets.
I doubt the stock gets crushed on these numbers. Investors would be foolish not to have expected some forecast reduction. It’s down a couple since the close.
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