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Qualcomm shares fall 5 percent
Qualcomm's shares dropped by 5% after issuing disappointing guidance for the current fiscal quarter, with earnings per share at $3.32 and revenue reaching $29.59 billion, along with forecasts for lower future revenues than expected. The company, which is one of the leading beneficiaries of the AI boom and designs chips for companies like Google and Meta, has seen its value rise since the end of 2022. However, its performance this year has lagged behind major market indicators, with its stock increasing by 6% compared to a 12% rise in the S&P 500 index.
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