The Clap
Qualcomm (NASDAQ: QCOM) recorded an EPS of $3.13 during its fiscal Q4 2022, in line with expectations, but did not show optimism with regard to Q1 2023.
The Deets
The company’s revenue increased 22% YoY to reach $11.39 billion in Q4 2022.
As for Q1 2023, the company forecasts an EPS of $2.45 on $10 billion in revenue, less than analysts’ expectations of an EPS of $3.42 on $12.02 billion in revenue.
The company is also freezing hiring starting this quarter.
So What
Demand continues to decrease for the company’s products and as the supply chain constraints ease, the company is faced with larger inventories i.e. higher costs.
Now What
In addition to a hiring freeze, the company stated that they are considering cost-cutting measures to help reduce operating expenses.
