According to Zhitong Finance, on Thursday, Qualcomm (QCOM.US) saw its stock price rise, with the stock falling nearly 7% to $168.24 at the time of publication. The chip manufacturer warned of the impact of trade restrictions.
In the third quarter ending June 23, Qualcomm's revenue increased by 11% year-on-year to $9.39 billion, higher than the analyst average expectation of $9.21 billion. Under Non-GAAP accounting standards, the pre-tax profit was $3.034 billion, up 25% year-on-year; net profit was $2.648 billion, up 26% year-on-year; diluted earnings per share were $2.33, higher than the analyst average expectation of $2.24.
Chip stocks collectively declined, with Arm (ARM.US) falling over 15%, Micron Technology (MU.US) falling over 5%, AMD (AMD.US) falling over 5%, ASML (ASML.US) falling over 4.3%, and NVIDIA (NVDA.US) falling over 3%

QCOM

Qualcomm's stock price fell nearly 7% to $168.24 due to the chip manufacturer's warning about the impact of trade restrictions. At the same time, other chip stocks also generally declined, including Arm, Micron Technology, AMD, ASML, and NVIDIA

- Qualcomm's stock price rose on Thursday, but dropped nearly 7% to $168.24 by the time of reporting, as the chip manufacturer warned about the impact of trade restrictions. In the third fiscal quarter ending June 23, Qualcomm's revenue increased by 11% year-on-year to $9.39 billion, surpassing analysts' average expectation of $9.21 billion.
- Under Non-GAAP accounting standards, the company's pre-tax profit surged by 25% to $3.034 billion, net profit rose by 26% to $2.648 billion, and diluted earnings per share stood at $2.33, higher than the expected $2.24. Other chip stocks like Arm, Micron Technology, AMD, ASML, and NVIDIA collectively declined.

US Stock Market Movement | Warning of Trade Restrictions Impact, Qualcomm Drops Nearly 7%, Chip Stocks Decline Across the Board