Qualcomm Shares Gain 1.6% as Nasdaq and S&P 500 Decline

Qualcomm shares advanced 1.6% to $179.30 in a Nov. 12 morning market snapshot, moving against declines in two major U.S. indexes.

The Nasdaq Composite was down 0.6%, while the S&P 500 slipped 0.3% in the same window.

The company’s fiscal fourth-quarter results, released Nov. 4, showed revenue of $10.44 billion, down 8.4% from a year earlier. Earnings per share came to $2.17, above the $2.16 estimate; revenue also topped the $10.12 billion estimate. The revenue decline marked Qualcomm’s third straight quarter of year-over-year declines, following a 4% drop in fiscal third-quarter revenue. The company’s outlook was softer than expected.

Qualcomm aims to bring data center revenue above $15 billion by fiscal 2029.