Overview
- Qualcomm reported record fiscal first-quarter revenue of about $12.3 billion with adjusted EPS of $3.50.
- For the second quarter, the company guided revenue to $10.2–$11.0 billion and EPS to $2.45–$2.65, below analyst estimates.
- CEO Cristiano Amon said the shortfall reflects a memory-chip shortage, with OEMs in China reducing production plans and channel inventory.
- Shares fell roughly 9%–12% in after-hours trading following the guidance, and Bank of America downgraded the stock and cut its price target to $155.
- The memory crunch is also pressuring peers such as Microchip Technology and is expected to weigh on smartphone output for several quarters as Qualcomm pursues growth in automotive and IoT.