Qualcomm tumbles after signalling more pain from smartphone slump
(Reuters) - Qualcomm (NASDAQ:QCOM) tumbled nearly 10% on Thursday after a gloomy forecast signalled more pain for the largest maker of smartphone chips from the ongoing slump in the consumer electronics market.
The drop was set to erase about $14 billion from Qualcomm's market value. The stock has risen 19% this year, but underperformed the broader chip industry on worries about smartphone demand.
The company on Wednesday disappointed investors with a current-quarter revenue forecast that was below market estimates, as well as adjusted sales that missed expectations.
"Qualcomm's results and guidance largely were unimpressive as the company is mired and pressured in handset units and global excess inventory at its customers," Piper Sandler analysts wrote in a note.
Piper and other brokerages also flagged the lack of future "material" revenue from Huawei as a concern as Qualcomm does not have a license to sell its chips to the Chinese company.
"Huawei headwinds are new (and larger than we would have thought), and (Qualcomm) stock is admittedly un-sexy," Bernstein analyst Stacy Rasgon said.
"At least the shares are inexpensive ... But cheap by itself can be an unsatisfying thesis sometimes, and we could see it staying unloved for a while longer here."
The company has a 12-month forward price-to-earnings ratio of 14.05, much lower than Nvidia (NASDAQ:NVDA)'s 43.94 and the industry median of 20.51.
Still, at least 11 brokerages upgraded their ratings on the stock, saying Qualcomm had executed well in what was a difficult period for several chip firms due to a slump in demand for consumer electronics.
"We have admired Qualcomm's execution during this phase, with higher smartphone content vs initial expectations, higher 5G market share than initial expectations, and the foundations of a solid diversification strategy," Morgan Stanley (NYSE:MS) analyst Joseph Moore said.
The company has been trying to grow its automotive unit, which provides chips used in cars, to reduce its reliance on its mainstay smartphone business. The automotive business grew 13% in the quarter and was a bright spot.
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Qualcomm NASDAQ: QCOM układy scalone, komunikacja bezprzewodowa m.in. 5G
Re: Qualcomm NASDAQ: QCOM układy scalone, komunikacja bezprzewodowa m.in. 5G
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Re: Qualcomm NASDAQ: QCOM układy scalone, komunikacja bezprzewodowa m.in. 5G
Qualcomm downgraded following Q3 earnings
Deutsche Bank downgraded Qualcomm (NASDAQ:QCOM) to Hold from Buy and cut its price target to $120.00 from $130.00 following Q3 earnings.
Deutsche cut its rating based on "management's soft commentary around its Dec qtr and incremental headwinds in 2024."
While Qualcomm met Deutsche's estimates, its mixed results saw revenue fall short of overall consensus estimates amid a softer smartphone demand - and Q4 guidance missed as well, impacted by the macroeconomic headwinds, weaker global handset units, and channel inventory drawdown.
Deutsche added:
While we continue to believe the cyclical snapback is a matter of when not if,... the duration of the headwinds QCOM continues to face in its Handset segment is leading to rising structural rather than just cyclical questions (i.e. mix, pricing, post-5G lull, etc.).
Shares were recently down 12% to $117.30 in the premarket.
Deutsche Bank downgraded Qualcomm (NASDAQ:QCOM) to Hold from Buy and cut its price target to $120.00 from $130.00 following Q3 earnings.
Deutsche cut its rating based on "management's soft commentary around its Dec qtr and incremental headwinds in 2024."
While Qualcomm met Deutsche's estimates, its mixed results saw revenue fall short of overall consensus estimates amid a softer smartphone demand - and Q4 guidance missed as well, impacted by the macroeconomic headwinds, weaker global handset units, and channel inventory drawdown.
Deutsche added:
While we continue to believe the cyclical snapback is a matter of when not if,... the duration of the headwinds QCOM continues to face in its Handset segment is leading to rising structural rather than just cyclical questions (i.e. mix, pricing, post-5G lull, etc.).
Shares were recently down 12% to $117.30 in the premarket.
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: Qualcomm NASDAQ: QCOM układy scalone, komunikacja bezprzewodowa m.in. 5G
Qualcomm downgraded following Q3 earnings
Deutsche Bank downgraded Qualcomm (NASDAQ:QCOM) to Hold from Buy and cut its price target to $120.00 from $130.00 following Q3 earnings.
Deutsche cut its rating based on "management's soft commentary around its Dec qtr and incremental headwinds in 2024."
While Qualcomm met Deutsche's estimates, its mixed results saw revenue fall short of overall consensus estimates amid a softer smartphone demand - and Q4 guidance missed as well, impacted by the macroeconomic headwinds, weaker global handset units, and channel inventory drawdown.
Deutsche added:
While we continue to believe the cyclical snapback is a matter of when not if,... the duration of the headwinds QCOM continues to face in its Handset segment is leading to rising structural rather than just cyclical questions (i.e. mix, pricing, post-5G lull, etc.).
Shares were recently down 12% to $117.30 in the premarket.
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: Qualcomm NASDAQ: QCOM układy scalone, komunikacja bezprzewodowa m.in. 5G
Daiwa Capital Markets downgraded shares of Qualcomm Incorporated (NASDAQ:QCOM) to Outperform from Buy in a note Wednesday, maintaining a $125 price target on the stock.
The firm told investors that the company now has a more muted outlook following its earnings release on August 2.
The company posted Q3 earnings of $1.87 per share, $0.06 better than the analyst estimate of $1.81. However, revenue for the quarter came in at $8.44 billion, below the consensus estimate of $8.51 billion.
"The issues of prior quarters remain; China not seen a rebound, overall consumer demand is weak, high inventory levels and Apple (NASDAQ:AAPL) bought product more heavily earlier in the year," the note said.
"Add to this going forward as Huawei starts shipping 5G phones, Qualcomm does not have a license here for 5G, only with 4G, thus will lose about $1B in recurring revenue."
While Daiwa still views the business as having long-term growth potential, especially from Auto and IoT, it notes that near-term Auto is only 6% of QCT revenue.
"IoT is larger at ~20%, but needs the consumer and macro to rebound," it added, stating that the company has a "tough growth year ahead."
"Add to this going forward as Huawei starts shipping 5G phones, Qualcomm does not have a license here for 5G, only with 4G, thus will lose about $1B in recurring revenue."
While Daiwa still views the business as having long-term growth potential, especially from Auto and IoT, it notes that near-term Auto is only 6% of QCT revenue.
"IoT is larger at ~20%, but needs the consumer and macro to rebound," it added, stating that the company has a "tough growth year ahead."
The firm told investors that the company now has a more muted outlook following its earnings release on August 2.
The company posted Q3 earnings of $1.87 per share, $0.06 better than the analyst estimate of $1.81. However, revenue for the quarter came in at $8.44 billion, below the consensus estimate of $8.51 billion.
"The issues of prior quarters remain; China not seen a rebound, overall consumer demand is weak, high inventory levels and Apple (NASDAQ:AAPL) bought product more heavily earlier in the year," the note said.
"Add to this going forward as Huawei starts shipping 5G phones, Qualcomm does not have a license here for 5G, only with 4G, thus will lose about $1B in recurring revenue."
While Daiwa still views the business as having long-term growth potential, especially from Auto and IoT, it notes that near-term Auto is only 6% of QCT revenue.
"IoT is larger at ~20%, but needs the consumer and macro to rebound," it added, stating that the company has a "tough growth year ahead."
"Add to this going forward as Huawei starts shipping 5G phones, Qualcomm does not have a license here for 5G, only with 4G, thus will lose about $1B in recurring revenue."
While Daiwa still views the business as having long-term growth potential, especially from Auto and IoT, it notes that near-term Auto is only 6% of QCT revenue.
"IoT is larger at ~20%, but needs the consumer and macro to rebound," it added, stating that the company has a "tough growth year ahead."
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: Qualcomm NASDAQ: QCOM układy scalone, komunikacja bezprzewodowa m.in. 5G
Qualcomm Incorporated (NASDAQ:QCOM), up 4%, was the outperformer among chip stocks after the chipmaker agreed a deal to supply Apple with 5G modems for its iPhones through 2025.
The deal comes just a day ahead of Apple (NASDAQ:AAPL)'s launch event due Tuesday at 1pm ET when the company is expected to unveil the new the iPhone 15 that some on Wall Street expect spur a slew of upgrades from customers.
Wedbush estimates that about 25% of Apple’s 1.2 billion installed base has not upgraded their iPhone in 4 years, paving the way for Apple to capitalize on the opportunity by raising prices for the iPhone 15 pro and max models, setting up for a new "mini super cycle.”
wedbusha wedbushs
The deal comes just a day ahead of Apple (NASDAQ:AAPL)'s launch event due Tuesday at 1pm ET when the company is expected to unveil the new the iPhone 15 that some on Wall Street expect spur a slew of upgrades from customers.
Wedbush estimates that about 25% of Apple’s 1.2 billion installed base has not upgraded their iPhone in 4 years, paving the way for Apple to capitalize on the opportunity by raising prices for the iPhone 15 pro and max models, setting up for a new "mini super cycle.”
wedbusha wedbushs
Ostatnio zmieniony 20 wrz 2023 18:14 przez slayer74, łącznie zmieniany 1 raz.
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Re: Qualcomm NASDAQ: QCOM układy scalone, komunikacja bezprzewodowa m.in. 5G
(Reuters) - Qualcomm (NASDAQ:QCOM) on Wednesday said it was getting into a new market for Wi-Fi routers and that Charter Communications (NASDAQ:CHTR) and the UK's EE will be among its first customers.
San Diego, California-based Qualcomm is the world's biggest supplier of the chips that help mobile phones connect to cellular data networks, but it has also long had a business selling Wi-Fi chips for consumer Wi-Fi routers.
The company said Wednesday it is getting into a new segment of that market by selling what are known as gateways, a device often supplied by broadband carriers where a physical fiber-optic line from a carrier enters the home and is transformed into a Wi-Fi signal.
EE and Charter, which goes by the name Spectrum in the broadband market, said they will both use routers from Qualcomm starting next year.
The new devices will use a new standard called Wi-Fi 7 that id designed to help data flow faster around homes where scores of devices from phones to smart televisions often use Wi-Fi.
The new Qualcomm routers will also allow carriers to prioritize traffic from some specific apps and services such as streaming video platforms that have agreements with carriers for faster speeds, a practice that is not allowed in all jurisdictions.
But in places where it is legal, the new Qualcomm routers will make sure that the speed boost does not disappear once the traffic leaves the carrier's fiber network and hits the customer's home Wi-Fi.
"The operator is able to orchestrate a service as defined by the service level agreement with the app provider. And so for example, your Netflix (NASDAQ:NFLX) traffic is not going to be compromised," Rahul Patel, senior vice president and general manager for connectivity, broadband and networking at Qualcomm, told Reuters.
Qualcomm also said that it has acquired a small optical networking firm called OptiCore Technologies. Qualcomm did not disclose the price of the acquisition, saying it too small to be material to its financial results.
San Diego, California-based Qualcomm is the world's biggest supplier of the chips that help mobile phones connect to cellular data networks, but it has also long had a business selling Wi-Fi chips for consumer Wi-Fi routers.
The company said Wednesday it is getting into a new segment of that market by selling what are known as gateways, a device often supplied by broadband carriers where a physical fiber-optic line from a carrier enters the home and is transformed into a Wi-Fi signal.
EE and Charter, which goes by the name Spectrum in the broadband market, said they will both use routers from Qualcomm starting next year.
The new devices will use a new standard called Wi-Fi 7 that id designed to help data flow faster around homes where scores of devices from phones to smart televisions often use Wi-Fi.
The new Qualcomm routers will also allow carriers to prioritize traffic from some specific apps and services such as streaming video platforms that have agreements with carriers for faster speeds, a practice that is not allowed in all jurisdictions.
But in places where it is legal, the new Qualcomm routers will make sure that the speed boost does not disappear once the traffic leaves the carrier's fiber network and hits the customer's home Wi-Fi.
"The operator is able to orchestrate a service as defined by the service level agreement with the app provider. And so for example, your Netflix (NASDAQ:NFLX) traffic is not going to be compromised," Rahul Patel, senior vice president and general manager for connectivity, broadband and networking at Qualcomm, told Reuters.
Qualcomm also said that it has acquired a small optical networking firm called OptiCore Technologies. Qualcomm did not disclose the price of the acquisition, saying it too small to be material to its financial results.
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: Qualcomm NASDAQ: QCOM układy scalone, komunikacja bezprzewodowa m.in. 5G
Qualcomm to unveil two variants of Snapdragon 8 Gen 3 chipset next month
In a series of recent developments, Qualcomm (NASDAQ:QCOM) is preparing to announce the Snapdragon 8 Gen 3 chipset at the upcoming Snapdragon Summit in Hawaii. The semiconductor giant plans to reveal two versions of the processor, according to leaked email conversations between Qualcomm and its partners, including Samsung (KS:005930). The documents were made public by South Korean blog gamma0burst on Monday.
The Snapdragon 8 Gen 3 chipset will arrive in two variants, both manufactured under Taiwan Semiconductor Manufacturing Company's (TSMC) process nodes. One will be produced using TSMC's 4nm N4P node, while the other, expected to be more powerful and energy-efficient, will use TSMC's enhanced 3nm N3E node.
The two variants are anticipated to have the same CPU combination structure. However, there could be notable differences in performance and power efficiency due to the different manufacturing processes used. This combination includes ARM's latest Cortex X4, Cortex A720, and Cortex A520 CPU cores.
Although both versions bear similar CPU combos, it remains uncertain whether they will be distinguished as non-Plus and Plus versions. This ambiguity arises from the fact that in 2022, Qualcomm launched the Snapdragon 8 Gen 1 and Snapdragon 8+ Gen 1 with identical CPU combinations.
The new processors are expected to offer improved efficiency and overheating prevention compared to their predecessors. The 3nm variant, in particular, is anticipated to be more powerful and energy-efficient due to its smaller feature set and transistors. Presently, Apple (NASDAQ:AAPL)'s A17 Pro is the only other 3nm mobile chip globally.
Unlike in 2022 when Qualcomm replaced the Snapdragon 8 Gen 1 with the Snapdragon 8+ Gen 1, the company plans to unveil both variants of the Snapdragon 8 Gen 3 chipset simultaneously this year. The launch event is scheduled for October 24 at the Snapdragon Summit in Hawaii.
As Qualcomm gears up for the release of the Snapdragon 8 Gen 3, it is expected to be a significant event for Android flagships in 2024. However, given past experiences, it could be an unpredictable journey for these flagships.
In a series of recent developments, Qualcomm (NASDAQ:QCOM) is preparing to announce the Snapdragon 8 Gen 3 chipset at the upcoming Snapdragon Summit in Hawaii. The semiconductor giant plans to reveal two versions of the processor, according to leaked email conversations between Qualcomm and its partners, including Samsung (KS:005930). The documents were made public by South Korean blog gamma0burst on Monday.
The Snapdragon 8 Gen 3 chipset will arrive in two variants, both manufactured under Taiwan Semiconductor Manufacturing Company's (TSMC) process nodes. One will be produced using TSMC's 4nm N4P node, while the other, expected to be more powerful and energy-efficient, will use TSMC's enhanced 3nm N3E node.
The two variants are anticipated to have the same CPU combination structure. However, there could be notable differences in performance and power efficiency due to the different manufacturing processes used. This combination includes ARM's latest Cortex X4, Cortex A720, and Cortex A520 CPU cores.
Although both versions bear similar CPU combos, it remains uncertain whether they will be distinguished as non-Plus and Plus versions. This ambiguity arises from the fact that in 2022, Qualcomm launched the Snapdragon 8 Gen 1 and Snapdragon 8+ Gen 1 with identical CPU combinations.
The new processors are expected to offer improved efficiency and overheating prevention compared to their predecessors. The 3nm variant, in particular, is anticipated to be more powerful and energy-efficient due to its smaller feature set and transistors. Presently, Apple (NASDAQ:AAPL)'s A17 Pro is the only other 3nm mobile chip globally.
Unlike in 2022 when Qualcomm replaced the Snapdragon 8 Gen 1 with the Snapdragon 8+ Gen 1, the company plans to unveil both variants of the Snapdragon 8 Gen 3 chipset simultaneously this year. The launch event is scheduled for October 24 at the Snapdragon Summit in Hawaii.
As Qualcomm gears up for the release of the Snapdragon 8 Gen 3, it is expected to be a significant event for Android flagships in 2024. However, given past experiences, it could be an unpredictable journey for these flagships.
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: Qualcomm NASDAQ: QCOM układy scalone, komunikacja bezprzewodowa m.in. 5G
Qualcomm (NASDAQ:QCOM) Inc. unveiled its Snapdragon X series platforms on Tuesday, aiming to make a mark in the intelligent PC market. The new series is set to rival x86 and Mac, leveraging heterogeneous compute architectures across CPU, GPU, and NPU for always-connected (5G) mobile PC experiences. The company plans to build on the success of the Snapdragon G series that powers Meta (NASDAQ:META) Quest 3.
The Snapdragon X series will utilize the next-generation custom Qualcomm Oryon CPU for significant improvements in performance and power efficiency, with a special emphasis on generative AI. The Oryon CPU, a product of Qualcomm's $1.4 billion acquisition of Nuvia, includes a neural processing unit (NPU) for on-device AI generation. The company's laptop design team, post-acquisition, aims to produce what they believe will be the "best chip on the market."
InvestingPro data shows that Qualcomm has a market cap of 125.68B USD and a P/E ratio of 14.62, which indicates the company is fairly valued compared to its earnings. The company has also demonstrated a high return on assets of 17.94%, a key metric highlighted in InvestingPro Tips. This suggests efficient management and profitability, further evidenced by a gross profit of 21.73B USD and an operating income of 11.39B USD.
The first Snapdragon X platform debut will feature a bold, vibrant, clean, distinctive logo design and new platform badges. This is part of an "all-new naming architecture" under the standalone “Snapdragon” brand introduced in November 2021. The "X" differentiates these chipsets from other Snapdragon categories like the Snapdragon 7c line for Chromebooks, G for gaming handhelds, W5 for wearables, and XR2+ and AR1 for headsets/glasses.
Qualcomm predicts a transformation in the PC industry by 2024 due to trends like performance improvement, AI integration (as seen with AMD's acquisition of Nod.Ai), fast cellular connectivity, and extended battery life. More information about the Snapdragon X series is expected to be released by the end of this month.
InvestingPro Tips also highlight that Qualcomm has maintained dividend payments for 21 consecutive years, with a current dividend yield of 2.86%. These dividends have grown by 6.67% in the last twelve months. This shows the company's commitment to returning value to shareholders, even amidst a predicted sales decline and an expected drop in net income this year.
The Snapdragon X series will utilize the next-generation custom Qualcomm Oryon CPU for significant improvements in performance and power efficiency, with a special emphasis on generative AI. The Oryon CPU, a product of Qualcomm's $1.4 billion acquisition of Nuvia, includes a neural processing unit (NPU) for on-device AI generation. The company's laptop design team, post-acquisition, aims to produce what they believe will be the "best chip on the market."
InvestingPro data shows that Qualcomm has a market cap of 125.68B USD and a P/E ratio of 14.62, which indicates the company is fairly valued compared to its earnings. The company has also demonstrated a high return on assets of 17.94%, a key metric highlighted in InvestingPro Tips. This suggests efficient management and profitability, further evidenced by a gross profit of 21.73B USD and an operating income of 11.39B USD.
The first Snapdragon X platform debut will feature a bold, vibrant, clean, distinctive logo design and new platform badges. This is part of an "all-new naming architecture" under the standalone “Snapdragon” brand introduced in November 2021. The "X" differentiates these chipsets from other Snapdragon categories like the Snapdragon 7c line for Chromebooks, G for gaming handhelds, W5 for wearables, and XR2+ and AR1 for headsets/glasses.
Qualcomm predicts a transformation in the PC industry by 2024 due to trends like performance improvement, AI integration (as seen with AMD's acquisition of Nod.Ai), fast cellular connectivity, and extended battery life. More information about the Snapdragon X series is expected to be released by the end of this month.
InvestingPro Tips also highlight that Qualcomm has maintained dividend payments for 21 consecutive years, with a current dividend yield of 2.86%. These dividends have grown by 6.67% in the last twelve months. This shows the company's commitment to returning value to shareholders, even amidst a predicted sales decline and an expected drop in net income this year.
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: Qualcomm NASDAQ: QCOM układy scalone, komunikacja bezprzewodowa m.in. 5G
Qualcomm to cut over 1,200 jobs in California amid strategic restructuring
San Diego-based microchip giant Qualcomm (NASDAQ:QCOM) is preparing for a significant workforce downsizing, with plans to lay off approximately 1,258 employees across various departments in California. The company stated that the reductions will affect roles in engineering, legal, and human resources in San Diego and Santa Clara.
This move comes as Qualcomm navigates a challenging financial landscape. The company has recently secured notable partnerships, including a 5G chip supply agreement with Apple (NASDAQ:AAPL) extending to at least 2026, and serving as the chip provider for Meta (NASDAQ:META) Quest 3. Despite these alliances, the company has experienced declining revenues.
Qualcomm's CFO Akash Palkhiwala had previously hinted at implementing cost-saving measures to improve the company's financial situation. Palkhiwala emphasized that Qualcomm will continue to enact additional cost-cutting actions until there is a substantial recovery in their financial standing.
The layoffs are scheduled to take effect on December 13th, as disclosed in a filing with the California Employment Development Department. This sweeping workforce reduction follows a similar trend in the tech industry. Microsoft-owned LinkedIn also announced that it is cutting 668 roles from its Sunnyvale-based engineering, product, talent, and finance teams as part of a strategic restructuring.
Despite the current challenges, Qualcomm remains a prominent player in the Semiconductors & Semiconductor Equipment industry, as highlighted by InvestingPro Tips.
San Diego-based microchip giant Qualcomm (NASDAQ:QCOM) is preparing for a significant workforce downsizing, with plans to lay off approximately 1,258 employees across various departments in California. The company stated that the reductions will affect roles in engineering, legal, and human resources in San Diego and Santa Clara.
This move comes as Qualcomm navigates a challenging financial landscape. The company has recently secured notable partnerships, including a 5G chip supply agreement with Apple (NASDAQ:AAPL) extending to at least 2026, and serving as the chip provider for Meta (NASDAQ:META) Quest 3. Despite these alliances, the company has experienced declining revenues.
Qualcomm's CFO Akash Palkhiwala had previously hinted at implementing cost-saving measures to improve the company's financial situation. Palkhiwala emphasized that Qualcomm will continue to enact additional cost-cutting actions until there is a substantial recovery in their financial standing.
The layoffs are scheduled to take effect on December 13th, as disclosed in a filing with the California Employment Development Department. This sweeping workforce reduction follows a similar trend in the tech industry. Microsoft-owned LinkedIn also announced that it is cutting 668 roles from its Sunnyvale-based engineering, product, talent, and finance teams as part of a strategic restructuring.
Despite the current challenges, Qualcomm remains a prominent player in the Semiconductors & Semiconductor Equipment industry, as highlighted by InvestingPro Tips.
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
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