
Qualcomm (QCOM) Stock Continues Plunge After Earnings Miss
NEW YORK (TheStreet) -- Qualcomm (QCOM) - Get Report stock continues to decline, down 13.76% to $51.97, on heavy trading volume on Thursday morning, after the company's 2015 fourth quarter earnings results missed analysts' expectations.
After the market close on Wednesday, the wireless technology company reported earnings of 67 cents per share for the fourth quarter.
Revenue declined by 18% year over year to $5.5 billion for the most recent quarter.
Analysts were expecting Qualcomm to report earnings of 86 cents per share on revenue of $5.21 billion.
So far today, 18.37 million shares of Qualcomm have traded, compared to its 30-day average of 9.76 million shares.
Separately, TheStreet Ratings team rates QUALCOMM INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
We rate QUALCOMM INC (QCOM) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself.
You can view the full analysis from the report here: QCOM
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