On July 31, Qualcomm fell 3.11% in regular trading, trading at $148.28/share, with turnover of $371 million. The stock continued its post-earnings selloff as the market digested weak forward guidance.

Qualcomm reported fiscal Q3 net profit of $2 billion, down 25% year-over-year, while Q4 adjusted EPS guidance of $2.05-$2.25 came in significantly below the analyst consensus of $2.36. The handset business generated $5.1 billion in revenue, declining 20% YoY, with CEO Amon warning that Apple-related revenue will enter an accelerated decline. Memory chip price surges are altering consumer behavior and pressuring smartphone demand across the industry.

Multiple investment banks cut their price targets in response: Wells Fargo slashed its target from $265 to $170, Bernstein from $235 to $165, JPMorgan from $265 to $215, UBS from $190 to $170, Mizuho from $210 to $170, and BofA from $220 to $180. Although automotive revenue grew 61% to a record $1.59 billion and the company secured a 10-year BMW chip supply deal, these gains failed to offset concerns over deteriorating core handset fundamentals.

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