Qualcomm Inc

QCOM: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$382.00	Wvjjz	Htrmlwywk

Qualcomm Earnings: A Slow and Steady Recovery in Smartphone Demand

Brian Colello

Nov 2, 2023

Narrow-moat Qualcomm reported solid fiscal fourth-quarter results and provided investors with a decent outlook for the December quarter, as the company foresees an ongoing recovery in Android-based smartphone demand, especially among Chinese device makers. Further, we surmise that demand for chips going into Apple’s latest iPhones seems to be holding up well. We maintain our $140 fair value estimate and continue to view shares as undervalued.

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