Trade restrictions affect Qualcomm (QCOM.US), causing a near 7% drop in the chip stock market.

Market VisionThursday, Aug 1, 2024 11:20 am ET

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We learned from Zhitong Finance that on Thursday, Qualcomm's (QCOM.US) stock price rose, and as of the time of writing, the stock has fallen nearly 7% to $168.24. The chip maker warned about the impact of trade restrictions.

In the third quarter ending June 23, Qualcomm reported a 11% year-over-year increase in revenue to $9.39 billion, beating the average analyst estimate of $9.21 billion. Under non-GAAP accounting, the company reported an adjusted net income of $3.034 billion, up 25% year-over-year; net income of $2.648 billion, up 26%; and adjusted earnings per share of $2.33, beating the average analyst estimate of $2.24.

Shares of chip stocks fell collectively, with ARM (ARM.US) down more than 15%, Micron Technology (MU.US) down more than 5%, AMD (AMD.US) down more than 5%, ASML (ASML.US) down more than 4.3%, and Nvidia (NVDA.US) down more than 3%.

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