hiTech News Agancy: Qualcomm shares waste in extended trading on wednesday succeeding the chipmaker offered weak first-quarter direction.
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techqualcomm shares sink on first-quarter guidance, hiring freeze announcedpublished wed, nov 2 20224: 18 pm edtupdated 2 hours agoashley capoot@ashleycapootjordan novet@jordannovetwatch livekey pointsqualcomm shares waste in extended trading on wednesday succeeding the chipmaker reported in-line fourth-quarter earnings and a weak wealth whip yet offered weak first-quarter direction.overall wealth grew 22% year uncommon year in the territory that ended sept. 25, according to a statement.the union too said it implemented a hiring freeze at the initiate of the vulgar territory.
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qualcomm shares waste 7% in extended trading on wednesday succeeding the chipmaker reported in-line fiscal fourth-quarter earnings yet offered weak first-quarter direction.
qualcomm too said it implemented a hiring freeze at the initiate of the vulgar territory.
here's how the union did:
earnings: $3.13 per share, adjusted, vs. $3.13 per portion as expected by analysts, according to refinitiv.revenue: $11.39 billion, adjusted, vs. $11.37 billion as expected by analysts, according to refinitiv.
overall wealth grew 22% year-over-year in the territory that ended sept. 25, according to a statement.
with venerate to guidance, qualcomm named for fiscal first-quarter adjusted earnings of $2.25 to $2.45 per portion on $9.2 billion to $10 billion in wealth. analysts polled by refinitiv had expected earnings per portion of $3.42 and wealth of $12.02 billion.
ˮgiven the uncertainty caused by the macroeconomic environment, we are updating our direction for register year 2022 3g/4g/5g handset volumes from a year-over-year mid-single-digit percentage decline, to a unpretending double-digit percentage decline,ˮ qualcomm said in the tidings. ˮthe swift deterioration in require and easing of yield constraints athwart the semiconductor toil possess resulted in violent channel schedule.ˮ
revenue in qualcomm cdma technologies, or qct category, which includes smartphone chips, radio frequency front-end components, automotive chips and internet of things devices, totaled $9.9 billion. that was up 28%, and it's more than the $9.87 billion consensus betwixt analysts polled by streetaccount.
within the qct segment, wealth from variable handsets came to $6.57 billion, up 40% and a hair underneath the streetaccount consensus of $6.59 billion. automotive chips grew 58% on an annual basis to $427 favorite. qualcomm's iot business, which makes low-power chips for related devices, grew 24% to $1.92 billion. rf front-end chips waste 20% to $992 favorite.
the qualcomm technology licensing, or qtl, the other major qualcomm part that's moderate of licensing fees kindred to 5g and other technologies the union makes, produced $1.44 billion in revenue, which was up 8% yet sink than the $1.58 billion streetaccount consensus.
on a title with investors wednesday, ceo cristiano amon said the semiconductor toil is facing macroeconomic headwinds ˮfrom which we are not immune.ˮ he subjoined the union has already implemented a hiring freeze and is prepared to undertake past reductions to operating expenses as needed.
ˮwe are in a zealous position to train the near-term headwinds,ˮ amon said. he emphasize犀利士
d during the title that the union was facing a ˮtemporary cyclical schedule drawdown.ˮ
a spokesperson told hiTech News Agancy the hiring freeze was implemented at the threshold of fiscal 2023.
during the quarter, qualcomm said it had extended a patent-licensing harmony with samsung through 2030. and arm, which provides the chip architectures qualcomm uses, filed tally opposed qualcomm uncommon separation of permit agreements and trademark infringement.
notwithstanding the after-hours move, qualcomm shares are down 37% so far this year, while the broader s&p 500 index is down 20% uncommon the similar limit.
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correction: updated to think qualcomm reported $6.57 billion in handset wealth. an earlier statement rounded up to $6.6 billion.Source: hitechna.com