Qualcomm Tops Q2 Estimates, Shares Slip On Weaker Q3 Revenue Forecast

Qualcomm beat Wall Street expectations for its fiscal second quarter as chip sales posted strong year-over-year growth, according to CNBC. The company reported adjusted earnings of $2.85 per share on $10.84 billion in revenue, surpassing Wall Street expectations. Forecasted third-quarter adjusted earnings were $2.70 per share on $10.3 billion in revenue at the midpoint. Shares fell in extended trading after issuing a slightly weaker-than-expected revenue forecast for the current quarter. The earnings estimate topped expectations, but the revenue outlook fell slightly below. CFO Akash Palkhiwala emphasized the company's highly diversified global supply chain during the earnings call.