QCOM - Qualcomm stock slides after FQ1 revenue miss soft guidance

Qualcomm (QCOM) shares slide 7.4% after hours after a fiscal Q1 top-line miss with sales up 62% Y/Y to $8.24B, missing consensus by $20M.QCT revenue totaled $6.5B vs. the $6.53B, up 81% Y/Y. The strength was driven by a 157% growth in RF front end, 79% growth in handset sales, 48% improvement in IoT, and 44% increase in automotive.QTL sales came in at $1.7B vs. the $1.72B consensus, up 18% Y/Y.“We delivered an exceptional quarter, more than doubling earnings year-over-year due to strong 5G demand in handsets and growth in our RF front-end, automotive and IoT adjacencies, which drove record earnings in our chip business,” says CEO Steve Mollenkopf.  “We remain well positioned as the 5G ramp continues and we extend our core technology roadmap to adjacent industries.”For Q2, Qualcomm guides revenue of $7.2-8B (consensus: $7.07B), EPS of $1.55-1.75 (consensus: $1.56), QCT revenue of $6-6.5B, and $1.25-1.45B.Press release / Guidance

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Qualcomm stock slides after FQ1 revenue miss, soft guidance