With a market capitalization of $190.7 billionQUALCOMM Incorporated (QCOM) is a leading semiconductor company in the wireless technology industry. It develops advanced chip designs for mobile devices, automobiles and AI and licenses key patents for 3G, 4G and 5G technologies. The San Diego, California-based company is expected to report its fiscal year Fourth quarter results Results after market close on Wednesday, November 6th.

Ahead of the event, analysts expect a report from the chip manufacturer Earnings of $2.01 per sharean increase of 26.4% from $1.59 per share in the year-ago quarter. The company has beaten Wall Street earnings estimates over the past four quarters. QCOM beat consensus EPS estimates by 12.2% in its most recent quarter.

For fiscal 2024, analysts expect QCOM to report earnings per share of $8.02, up nearly 21% $6.63 in fiscal year 2023.

In the last 52 weeks QCOM is up 54%and thus outperformed both S&P 500 indices ($SPX) Increase of 35.9% and the Technology Select Sector SPDR Fund (XLK) Increase of 37.7% in the same period.

Despite reporting better than expected third quarter adjusted earnings per share of $2.33 and revenue of $9.4 billion as of July 31 Qualcomm shares fell 9.4% the following day due to concerns over its December quarter guidance, which predicted mid-single-digit sales growth instead of the expected double-digit growth. Analysts expressed concern about the forecast flat smartphone salesas the mobile phone segment accounted for 73% of Qualcomm's revenue, raising fears of sluggish demand in a key market. Additionally, the company pointed to tighter U.S. export restrictions on Huawei and an 8% decline in IoT chip sales, pointing to broader challenges across its product segments, further fueling investor concerns.

Analysts Consensus opinion on QCOM stock is cautiously optimistic and receives an overall “Moderate Buy” rating. Of the 30 analysts covering the stock, 16 recommend a Strong Buy, one suggests a Moderate Buy, 12 give a Hold rating and one assigns a Strong Sell rating. The average analyst price target for QCOM is $213.83, suggesting a potential upside of 25.1% from current levels.

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At the time of publication, Sohini Mondal did not hold (either directly or indirectly) any positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. For more information, please see Barchart's disclosure policy here.

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