Qualcomm’s Earnings Forecasts Slip Despite Recent Share Gains

Zacks’ consensus estimate for Qualcomm’s current-quarter earnings is $2.19 per share, down 27% from a year earlier. The estimate fell 1.4% over the past 30 days.

The company’s shares gained 8% over the past month, compared with a 0.6% rise for the Zacks S&P 500 composite. The Zacks Electronics - Semiconductors industry advanced 9.3% over the same period.

For the current fiscal year, analysts expect earnings of $10.55 per share, a 12.3% decline from a year earlier. The estimate was lowered 0.4% in the past month. The next fiscal year’s consensus estimate is $10.02 per share, down 5% from the expected current-year result.

Revenue estimates show a mixed outlook. Analysts expect $10.16 billion in sales for the current quarter, down 9.8% year over year. They forecast $42.89 billion for the current fiscal year, down 2.8%, followed by $44.34 billion next year, up 3.4%.

In the latest reported quarter, Qualcomm posted $9.95 billion in revenue and earnings of $2.21 per share. Revenue beat the Zacks consensus estimate by 2.43%, while earnings fell 0.45% short of its estimate.