Why Qualcomm Stock Dropped Today

Shares of Qualcomm (QCOM -4.98%) fell 5% on Thursday despite stronger-than-expected quarterly results and solid forward guidance from the semiconductor giant.On Qualcomm's strong start to the fiscal yearFor its fiscal first quarter of 2024 (ended Dec. 24, 2023), Qualcomm's adjusted (non-GAAP) revenue grew 5% year over year to $9.922 billion, translating to a 16% increase in adjusted net income to $3.101 billion, or $2.75 per share. Analysts, on average, were only modeling earnings of $2.37 per share on reve ...