Qualcomm's stock experienced a significant pre-market plunge of 5.19% on Monday, extending recent volatility following the company's latest earnings report.
The decline comes as the stock continues to digest disappointing fiscal third-quarter revenue guidance of $9.2-10.0 billion, which fell significantly below analyst consensus estimates of $10.29 billion. This weak guidance had initially triggered a nearly 7% after-hours selloff late last week, though shares had subsequently staged a partial recovery.
Despite management expressing confidence that Android handset chip shipments from China would bottom in the current fiscal quarter and resume sequential growth thereafter, and despite positive momentum from the ByteDance AI data center chip supply agreement, the stock appears to be facing renewed profit-taking pressure following its volatile multi-day swing.
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