Qualcomm stock falls 5% on poor outlook
Qualcomm's stock fell by 5% after issuing disappointing financial guidance for the current quarter, with earnings per share of $3.32 and revenues reaching $29.59 billion. Future revenue forecasts are lower than expectations, despite benefiting from an AI boom and designing chips for major companies like Google, Meta, and OpenAI. Although the stock has increased since the end of 2022, it underperforms the S&P 500 index for 2026, with shares rising by 6% compared to the index's 12% gain. The company also announced the development of the "Galapeno" chip with OpenAI and increased its spending to support chip production in the United States.
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