Qualcomm (QCOM) Shares Down 2% Despite Q1 Beat & Better Than Expected Guidance

Qualcomm (NASDAQ: QCOM) shares were trading around 1.5% lower after-hours, despite the company’s reported Q1 beat and better-than-expected guidance.

Quarterly EPS and revenue came in at $3.23 and $10.7 billion, beating the Street estimates of $3.01 and $10.41 billion, respectively.

According to Cristiano Amon, President and CEO of Qualcomm, the company’s record quarterly results reflect the strong demand for its products and technologies, with the company being at the beginning of one of the largest opportunities in its history – expanding its addressable market by more than seven times to around $700 billion in the next decade.

The company expects Q2/22 EPS in the range of $2.80-$3.00, compared to the consensus estimate of $2.49. Q2 revenue is expected to range from $10.2 billion to 11 billion, compared to the consensus estimate of $9.61 billion.

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