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Qualcomm (QCOM) Soars 4.6%: Is Further Upside Left in the Stock?
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Qualcomm (QCOM - Free Report) shares ended the last trading session 4.6% higher at $151.96. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2% gain over the past four weeks.
Qualcomm recently unveiled the Snapdragon XR2+ Gen2 chip platform engineered to support next-generation use cases in mixed reality (MR) and virtual reality (VR) applications. It incorporates high-end MR and VR technology into a single-chip architecture. Its ultra-fast 12ms video see-through latency, combined with an upgraded image signal processor, facilitates seamless transformation between the physical and digital worlds, ensuring more comfort to end users.
The chip efficiently supports 12 or more concurrent cameras, on-device AI along with XR acceleration blocks. The combination of these advanced features enables smooth interactions, including facial expression capture, controller usage, depth estimation, 3D reconstruction and more.
With a 4.3K display resolution per eye at 90 frames per second, it offers immersive entertainment, life-size overlays and room-scale infinite desktop experiences. This newly introduced ‘XR2+’ platform is designed to provide a 15% higher GPU frequency and a 20% greater CPU frequency compared to previous XR2 Gen 2 version, highlighted Qualcomm. These increased frequency rates deliver immersive 4K graphics, reduced jitters and offer stunning visuals to users. Such innovative products are likely to have buoyed the uptrend in share prices.
This chipmaker is expected to post quarterly earnings of $2.38 per share in its upcoming report, which represents a year-over-year change of +0.4%. Revenues are expected to be $9.51 billion, up 0.5% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Qualcomm, the consensus EPS estimate for the quarter has been revised 1% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on QCOM going forward to see if this recent jump can turn into more strength down the road.
Qualcomm is a member of the Zacks Wireless Equipment industry. One other stock in the same industry, Aviat Networks, Inc. (AVNW - Free Report) , finished the last trading session 2.5% lower at $30.29. AVNW has returned -2.9% over the past month.
For Aviat Networks, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.94. This represents no change from what the company reported a year ago. Aviat Networks, Inc. currently has a Zacks Rank of #3 (Hold).
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Qualcomm (QCOM) Soars 4.6%: Is Further Upside Left in the Stock?
Qualcomm (QCOM - Free Report) shares ended the last trading session 4.6% higher at $151.96. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2% gain over the past four weeks.
Qualcomm recently unveiled the Snapdragon XR2+ Gen2 chip platform engineered to support next-generation use cases in mixed reality (MR) and virtual reality (VR) applications. It incorporates high-end MR and VR technology into a single-chip architecture. Its ultra-fast 12ms video see-through latency, combined with an upgraded image signal processor, facilitates seamless transformation between the physical and digital worlds, ensuring more comfort to end users.
The chip efficiently supports 12 or more concurrent cameras, on-device AI along with XR acceleration blocks. The combination of these advanced features enables smooth interactions, including facial expression capture, controller usage, depth estimation, 3D reconstruction and more.
With a 4.3K display resolution per eye at 90 frames per second, it offers immersive entertainment, life-size overlays and room-scale infinite desktop experiences. This newly introduced ‘XR2+’ platform is designed to provide a 15% higher GPU frequency and a 20% greater CPU frequency compared to previous XR2 Gen 2 version, highlighted Qualcomm. These increased frequency rates deliver immersive 4K graphics, reduced jitters and offer stunning visuals to users. Such innovative products are likely to have buoyed the uptrend in share prices.
This chipmaker is expected to post quarterly earnings of $2.38 per share in its upcoming report, which represents a year-over-year change of +0.4%. Revenues are expected to be $9.51 billion, up 0.5% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Qualcomm, the consensus EPS estimate for the quarter has been revised 1% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on QCOM going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Qualcomm is a member of the Zacks Wireless Equipment industry. One other stock in the same industry, Aviat Networks, Inc. (AVNW - Free Report) , finished the last trading session 2.5% lower at $30.29. AVNW has returned -2.9% over the past month.
For Aviat Networks, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.94. This represents no change from what the company reported a year ago. Aviat Networks, Inc. currently has a Zacks Rank of #3 (Hold).