Qualcomm Inc

QCOM: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Qualcomm Earnings: Executing Well With Strong Handset and Automotive Chip Growth

Brian Colello

Feb 6, 2025

Narrow-moat Qualcomm reported strong fiscal first-quarter results and provided investors with a decent outlook for the March quarter. Shares sold off about 5% after hours, perhaps out of concern that Qualcomm’s licensing business (QTL) will achieve flattish revenue in fiscal 2025 versus a year ago, although we’re not overly concerned with this slightly light forecast. We maintain our $180 per share fair value estimate and view shares as slightly undervalued.

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Qualcomm Inc

Qualcomm Earnings: Executing Well With Strong Handset and Automotive Chip Growth

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