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Why Qualcomm Stock Flopped on Friday

Top mobile technology equipment supplier Qualcomm (NASDAQ: QCOM) reported its latest set of earnings on Friday, and the market didn’t react all that positively. Qualcomm’s first quarter of fiscal 2023 saw the California-based company earn $9.46 billion in revenue, which was a 12% decline from the same period the previous year. This meant a mixed quarter for Qualcomm, as analysts tracking the stock were collectively estimating it would book $9.6 billion on the top line yet only $2.36 in per-share, adjusted net income.

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