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Top related persons:
Dado Ruvic - 1 Akash Palkhiwala - 1 Palkhiwala - 1 Refinitiv - 1 Cristiano Amon - 1 MediaTek - 1 Apple - 1 Bob Bruggeworth - 1
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Search resuls for: "Akash Palkhiwala"


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☆ Qualcomm forecasts sales below estimates as smartphone slump persists
  + stars: | 2023-08-02 | by ( Chavi Mehta Stephen Nellis Max A. Cherney | Chavi Mehta | Stephen Nellis | ) www.reuters.com   time to read: +4 min
REUTERS/Dado Ruvic/IllustrationAug 2 (Reuters) - Qualcomm (QCOM.O) forecast fourth-quarter sales below market expectations on Wednesday and said it would likely cut jobs as consumer spending on gadgets like smartphones remained stubbornly weak amid slowing global economic growth. The company estimated fourth-quarter revenue of $8.1 billion to $8.9 billion, while analysts polled by Refinitiv expected $8.70 billion. Qualcomm forecast a fourth-quarter adjusted earnings range with a midpoint of $1.90, in line with analysts' consensus estimate of $1.91 per share according to Refinitiv data. It forecast adjusted fourth-quarter earnings per share of $1.80 and $2, compared to estimates of $1.91. The automotive sector was a bright spot as Qualcomm seeks to diversify beyond smartphone chips.
Persons: Dado Ruvic, Akash Palkhiwala, Palkhiwala, Refinitiv, Cristiano Amon, MediaTek, Apple, Bob Bruggeworth, NXP, Amon, Kinngai Chan, Chavi Mehta, Cherney, Stephen Nellis, Arun Koyyur, Richard Chang Organizations: Qualcomm, REUTERS, Huawei, Philadelphia, Semiconductor, SOX, Apple, Summit, U.S, Thomson Locations: San Diego , California, China, U.S, Bengaluru, San Francisco
☆ Qualcomm outlook grim as smartphone sales stay weak
  + stars: | 2023-05-03 | by ( Chavi Mehta Jane Lee Stephen Nellis | Chavi Mehta | Jane Lee | ) www.reuters.com   time to read: +3 min
While Qualcomm hopes smartphone sales will recover in China in the second half of the year, CEO Cristiano Amon told investors on a conference call that "we have not seen evidence of meaningful recovery and are not incorporating improvements into our planning assumptions." The company said a larger-than-normal decline in its chip revenue forecast from the prior quarter was mainly due "to the timing of purchases by a modem-only handset customer." Qualcomm forecast chips revenue of $6.9 billion to $7.5 billion. Qualcomm also faces stiffer competition, especially for high end smartphone chips, from Taiwan's MediaTek (2454.TW). Qualcomm forecast total revenue of $8.1 billion to $8.9 billion in the third quarter.
☆ Qualcomm gives light forecast, phone chip sales fall 17%
  + stars: | 2023-05-03 | by ( Kif Leswing | ) www.cnbc.com   time to read: +3 min
Analysts were expecting current-quarter earnings guidance of $2.16 per share, but Qualcomm said it expected it that to be around $1.80. Qualcomm reported second-quarter earnings on Wednesday that were in line with analyst expectations but saw sales from handset chips, a core business for the company, decline 17% on an annual basis. The biggest part of QCT's sales come from handset chips, which are the processors at the heart of most Android phones. Qualcomm reported $6.11 billion in handset sales, down 17% from last year. Qualcomm said it made $900 million in share repurchases and paid $800 million in dividends during the quarter.
☆ Qualcomm says its move beyond smartphones is working. We're waiting to see the results
  + stars: | 2023-01-17 | by ( Kevin Stankiewicz | ) www.cnbc.com   time to read: +4 min
Qualcomm CEO Cristiano Amon said Tuesday the chipmaker's move beyond smartphones is working — but we want to see the Club holding's upcoming earnings report before we rethink our cautious approach. In a similar way, Qualcomm also is expanding its presence in the automotive industry as cars become more technologically advanced. Amon also downplayed the company's reliance on Apple, which has been working to replace Qualcomm's chips with its own 5G modem chip . The Club has generally adopted a cautious approach to Qualcomm in recent months, particularly after that November earnings print with weak guidance. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
☆ Qualcomm CFO Trims Operating Expenses as Industry Faces Down High Inventories
  + stars: | 2022-12-29 | by ( Nina Trentmann | ) www.wsj.com   time to read: +5 min
Mr. Palkhiwala: Yes, it’s a combination of those instruments and also our cash balance on our balance sheet. WSJ: Are there any positive effects from higher rates on your business? Mr. Palkhiwala: When you have a significant cash balance, when the rate goes up, we also see the benefit on the cash balance side. If we do end up doing new issuances at higher rates, it might still put us in a reasonable place with increased income on the cash balance. WSJ: How do you think about working capital in the context of higher rates?
☆ Qualcomm is proactively reducing expenses and ‘prepared to do more’ if necessary, CEO says
  + stars: | 2022-11-03 | by ( Krystal Hur | ) www.cnbc.com   time to read: +3 min
Qualcomm (QCOM) CEO Cristiano Amon said Thursday the chipmaker is prioritizing cutting down costs, one day after announcing a hiring freeze. On the cost side, Amon said the company is proactively "reducing expenses in mature businesses, adding that the company is "prepared to do more if the situation [deteriorates]." As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
☆ Qualcomm CFO Focuses on Investing in Budding Automotive Business
  + stars: | 2022-09-27 | by ( Mark Maurer | Qualcomm Cfo Akash Palkhiwala | ) www.wsj.com   time to read: +6 min
The company estimated $1.3 billion in auto revenue for the fiscal year ended Sunday, up 33% from the prior year. Ninety percent of Qualcomm’s auto-related revenue forecast through 2026 is based on existing design wins from across the business line, Mr. Palkhiwala said. “It’s a business that’s important to us,” Mr. Palkhiwala said about the auto-chips division. Like Qualcomm, chip companies such as Intel Corp. and Nvidia Corp. are wading deeper into the auto market. Nvidia reported $566 million in revenue for its auto business in the year ended in January, up 5.6% from the prior-year period.
☆ Qualcomm's first auto investor day offers signs the industry is embracing its tech platform
  + stars: | 2022-09-22 | by ( Kevin Stankiewicz | ) www.cnbc.com   time to read: +7 min
The estimated figure stems from Qualcomm's deals with auto companies that it expects to translate into sales in future years. Its booming auto pipeline and additional tie-ups with vehicle original equipment manufacturers (OEMs) offer more evidence that the industry is embracing its automotive platform. More Club thoughts Thursday's auto event has been circled on our calendars because it goes to the heart of our investment thesis in the company: revenue diversification. Nonetheless, the market has not been kind to Qualcomm's stock price this year, sending it down by more than 30%, as investors jumped ship over fears of a smartphone slowdown and higher interest rates. Qualcomm's stock closed down 0.75% on Thursday, at $123.68 a share.
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