Qualcomm (QCOM) Sees a More Significant Dip Than Broader Market: Some Facts to Know

Qualcomm (QCOM) closed at $127.12 in the latest trading session, marking a -2.62% move from the prior day. This move lagged the S&P 500's daily loss of 1.67%. At the same time, the Dow lost 1.73%, and the tech-heavy Nasdaq lost 2.15%.

The chipmaker's stock has dropped by 10.34% in the past month, falling short of the Computer and Technology sector's loss of 7.41% and the S&P 500's loss of 6.15%.

The upcoming earnings release of Qualcomm will be of great interest to investors. The company is forecasted to report an EPS of $2.58, showcasing a 9.47% downward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $10.64 billion, showing a 1.8% drop compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates project earnings of $11.16 per share and a revenue of $43.48 billion, demonstrating changes of -7.23% and -1.49%, respectively, from the preceding year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Qualcomm. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 1.61% lower. Currently, Qualcomm is carrying a Zacks Rank of #5 (Strong Sell).

Digging into valuation, Qualcomm currently has a Forward P/E ratio of 11.7. This denotes a discount relative to the industry average Forward P/E of 34.02.

The Electronics - Semiconductors industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 98, positioning it in the top 40% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

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This article originally published on Zacks Investment Research (zacks.com).

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