Qualcomm drops as investors fret weak Q4 guidance following Q3 beat
Justin Sullivan

Qualcomm (NASDAQ:QCOM) shares fell nearly 4% after the semiconductor giant posted third-quarter results that beat expectations, but said fourth-quarter results would be sharply below Wall Street's estimates.
Looking to the fourth-quarter, the Cristiano Amon-led Qualcomm (QCOM) said adjusted earnings would be between $3 and $3.30 per share, with revenue between $11B and $11.8B. Analysts were expecting earnings of $3.26 per share and $11.92B in sales.
For the period ending June 26, Qualcomm (QCOM) said it earned $2.96 per share on $10.93B in revenue, aided by "record QCT Automotive and IoT revenues."
Analysts were expecting the company to earn $2.86 per share on $10.87B in revenue.
During the quarter, Qualcomm's (QCOM) automotive revenue rose 38% year-over-year to $350M, while sales attributed to internet of things rose 31% year-over-year to $1.83B. The company's handset segment, still its largest, came in at $6.15B, up 58% year-over-year.
Licensing revenue rose 2% year-over-year to $1.51B, Qualcomm (QCOM) added.
San Diego-based Qualcomm (QCOM) is scheduled to hold a conference call at 4:45 p.m. EST to discuss the results.
Earlier this month, it was reported that Qualcomm (QCOM) and several other chip companies were deciding whether to oppose the $52B CHIPS Act on grounds that the legislation does not do enough to support them and heavily favors manufacturers.