Qualcomm's stock drops despite 10% revenue jump
Qualcomm's stock slid over 6% after hours on Wednesday, even though the company pulled in $10.37 billion in revenue—a solid 10% jump from last year.
The catch? Smartphone chip sales only grew 7%, falling short of what Wall Street hoped for.
Still, profits held up better than expected.
The bigger picture
If you follow tech or invest, this is a reminder that even big players like Qualcomm can feel the heat when their main products—like phone chips—don't wow investors.
But here's the twist: Qualcomm is quietly scoring wins in car tech and connected devices, which could matter more for its future.
The road ahead
While phone chips stumbled, automotive and connected-device chips took off—up 21% and 24%, respectively.
That shift shows Qualcomm isn't just about smartphones anymore.
Looking ahead, though, the company expects slower growth thanks to industry-wide chip demand issues and Apple building its own modem chips instead of buying from Qualcomm.