The biggest maker of smartphones' chips in the world delivered a positive Q1 earnings report (the quarter ending 29 December 2019) on Wednesday. However, it wasn’t the financial performance of the company that was the most substantial outcome of the report’s release.
Qualcomm is the latest tech giant to surpass the consensus forecasts for its Earnings Per Share by reporting earnings of $0.80 vs %0.71 expected.
Meanwhile, Akash Palkhiwala, the company’s chief financial officer, was quoted by CNN as saying :
"There is significant uncertainty around the impact from the coronavirus on handset demand and supply chain."
Thus far the outbreak of the virus has prompted the Chinese government to close part of the economy in a bid to curb the spread of the virus, however, this decision has also impeded production in the world's second-biggest economy.
Additionally, the consumer sentiment has suffered due to the heightened panic, which has caused the Chinese market to suffer from subdued demand and potentially from lessened growth.
All of these developments have prompted Qualcomm to revise down its expectations for Q2, as the coronavirus is expected to weigh down on the company’s sales and production.
Nevertheless, Steve Mollenkopf who is the CEO of Qualcomm Inc. maintained his composure by stating that:
"Our strong fiscal first quarter financial performance reflects a significant inflection point for Qualcomm as we begin to realize the benefits from the ramp of 5G."
The company’s share price is currently consolidating just below the ascending channel’s middle level and the major resistance level at 90.42
The MACD on the daily chart demonstrates distinctively bearish sentiment.
Qualcomm 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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