Chip Stocks Fall Premarket; Qualcomm Drops Nearly 10% on Weak Guidance

Cointime reports: Qualcomm shares fell 9.81% in premarket trading on Nov. 5 after the chipmaker issued first-quarter guidance below Wall Street expectations. The company projected EPS of $2.15 to $2.35, with the midpoint below the $2.32 analyst average, while revenue guidance of $104 billion to $112 billion was roughly in line. Qualcomm’s fourth-quarter non-GAAP revenue of $104.42 billion and EPS of $2.17 slightly beat estimates, but handset chip revenue fell 26% year-over-year to $51.37 billion. Other chip stocks also declined, with ASE down over 8% and SK Hynix, ARM, Micron, AMD, Intel and TSMC all lower.