Qualcomm shares trade at a price-to-earnings multiple of 17.9, a sharp discount to the S&P 500 median of 24.2, after falling about 33% from their 52-week high. The company's trailing operating margin of 26% has contracted by roughly 2.0 percentage points over the past year, while three-year average revenue growth sits at a sluggish 3.3%. Management recently confirmed that China QCT Android shipments are meaningfully below end consumer handset demand and expects its share with a major U.S. customer to fall to just 20% of phones launching this fall. Offsetting this, the automotive segment delivered a record quarter with revenues of 1.3 billion dollars, up 38% year-over-year. The company forecasts total third-quarter revenues between 9.2 billion and 10.0 billion dollars and estimates that QCT handset revenues from Chinese customers will reach a bottom in that period.
Qualcomm IncorporatedChina QCT Android shipments below end consumer demand and share loss with major US customer to 20%.
Intel Corporation
Texas Instruments Incorporated
