Qualcomm Inc.
(NASDAQ:QCOM) stock fell about 6% in premarket trading Thursday after the chipmaker reported fiscal third-quarter revenue that topped Wall Street estimates but issued fourth-quarter adjusted earnings guidance below expectations.
Earnings Beat, But Guidance Disappoints Qualcomm reported revenue of $9.9 billion, topping the analyst consensus estimate of $9.67 billion, according to Benzinga Pro.
Adjusted earnings per share were $2.21 in the quarter, missing a Street estimate of $2.23.
The company's Qualcomm CDMA Technologies (QCT) segment generated $8.5 billion in revenue, driven by record automotive sales and continued growth in the Internet of Things business.
