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Qualcomm (QCOM) Gains As Market Dips: What You Should Know
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Qualcomm (QCOM - Free Report) closed at $118.64 in the latest trading session, marking a +0.08% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.6%. Elsewhere, the Dow lost 0.33%, while the tech-heavy Nasdaq lost 2.87%.
Coming into today, shares of the chipmaker had lost 2.81% in the past month. In that same time, the Computer and Technology sector gained 3.62%, while the S&P 500 gained 6.22%.
Qualcomm will be looking to display strength as it nears its next earnings release, which is expected to be May 3, 2023. In that report, analysts expect Qualcomm to post earnings of $2.15 per share. This would mark a year-over-year decline of 33.02%. Meanwhile, our latest consensus estimate is calling for revenue of $9.07 billion, down 18.77% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $9.34 per share and revenue of $37.82 billion. These totals would mark changes of -25.46% and -14.43%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Qualcomm. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.07% higher. Qualcomm is currently a Zacks Rank #3 (Hold).
Digging into valuation, Qualcomm currently has a Forward P/E ratio of 12.69. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 12.69.
It is also worth noting that QCOM currently has a PEG ratio of 0.81. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Wireless Equipment industry currently had an average PEG ratio of 2.45 as of yesterday's close.
The Wireless Equipment industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 94, which puts it in the top 38% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Qualcomm (QCOM) Gains As Market Dips: What You Should Know
Qualcomm (QCOM - Free Report) closed at $118.64 in the latest trading session, marking a +0.08% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.6%. Elsewhere, the Dow lost 0.33%, while the tech-heavy Nasdaq lost 2.87%.
Coming into today, shares of the chipmaker had lost 2.81% in the past month. In that same time, the Computer and Technology sector gained 3.62%, while the S&P 500 gained 6.22%.
Qualcomm will be looking to display strength as it nears its next earnings release, which is expected to be May 3, 2023. In that report, analysts expect Qualcomm to post earnings of $2.15 per share. This would mark a year-over-year decline of 33.02%. Meanwhile, our latest consensus estimate is calling for revenue of $9.07 billion, down 18.77% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $9.34 per share and revenue of $37.82 billion. These totals would mark changes of -25.46% and -14.43%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Qualcomm. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.07% higher. Qualcomm is currently a Zacks Rank #3 (Hold).
Digging into valuation, Qualcomm currently has a Forward P/E ratio of 12.69. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 12.69.
It is also worth noting that QCOM currently has a PEG ratio of 0.81. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Wireless Equipment industry currently had an average PEG ratio of 2.45 as of yesterday's close.
The Wireless Equipment industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 94, which puts it in the top 38% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.