Key Stats for Qualcomm Stock
- Price change for Qualcomm stock: 4%
- $QCOM Share Price as of Apr. 29: $156
- 52-Week High: $206
- $QCOM Stock Price Target: $150
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What Happened?
Qualcomm (QCOM) stock had a wild ride after the bell on Wednesday. The stock initially dropped as much as 7% after the company reported Q2 results with weaker-than-expected guidance.
Then CEO Cristiano Amon dropped a headline that changed the mood entirely: Qualcomm will begin shipping data center chips to “a large hyperscaler” before the end of this calendar year.
Amon wouldn’t name the customer but said more details will be shared at Qualcomm’s Investor Day on June 24.
On the numbers, Qualcomm beat earnings estimates.
- Adjusted EPS came in at $2.65, nine cents ahead of expectations.
- Revenue hit $10.6 billion, in line with forecasts.
- The problem was the Q3 outlook. Qualcomm guided for $9.2 billion to $10 billion in revenue, below Wall Street’s $10.19 billion estimate.
The miss on guidance ties back to a memory price surge hitting the consumer electronics market.
Smartphone shipments globally are down over 4%, and PC prices are expected to rise 17% this year. Chinese phone makers, in particular, have been pulling back on orders, drawing down inventory rather than buying new chips.
Amon said the current quarter should mark the bottom of that trend.
On a brighter note, Qualcomm’s automotive business hit a new record, growing 38% year-over-year as its chips increasingly power advanced driver assistance systems in new vehicles.
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What the Market Is Telling Us About Qualcomm Stock
Qualcomm stock has faced real headwinds this year. Apple began replacing Qualcomm modems in iPhones with its own chip starting in 2025, removing a major revenue source. But there are reasons to stay interested.
The OpenAI partnership announced last week, aimed at developing an AI chip for smartphones, could open a new major customer relationship. Amon told CNBC that Qualcomm is working with “most of the AI companies today.”
Qualcomm stock is essentially being re-rated around its data center ambitions. If those chip shipments ramp meaningfully, the story changes significantly heading into 2027.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
