Shares of Qualcomm (NASDAQ:QCOM) gained in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2023. Earnings per share came in at $2.02, which beat analysts’ consensus estimate of $1.91 per share.
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Sales decreased by 24% year-over-year, with revenue hitting $8.67 billion. This beat analysts’ expectations by $150 million. For reference, analysts were expecting $8.52 billion in revenue.
Handset Chip sales declined 27% to $5.46 billion, higher than analysts’ expectation of $5.34 billion. Likewise, the chipmaker’s Licensing business reported $1.26 billion in sales, a 12% decrease from last year. On the other hand, the company’s Automotive business increased 15% year-over-year to hit a revenue of $535 million.
Looking forward, management now expects revenue and adjusted earnings per share for Q1 FY24 to be in the ranges of $9.1 billion to $9.9 billion and $2.25 to $2.45, respectively.
What is the Target Price for QCOM?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on QCOM stock based on 12 Buys, three Holds, and one Sell assigned in the past three months, as indicated by the graphic above. Furthermore, the average QCOM price target of $134.67 per share implies a 21.49% upside potential.
