QCOM results/guidance and implications
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Qualcomm reported FY2Q16 (March quarter) revenue of US$5.6 bn, down 4% QoQ but reaching the high end of guidance. EPS also beat the high end of guidance, driven by strong performance across chipset and licensing businesses. The company delivered 189 mn units of MSM shipments, down 22% QoQ, slightly better than guidance of down 24% QoQ. Mgmt guided for June quarter revenue to be “down 7% to up 7% QoQ,†which is slightly lower than consensus, with MSM shipments only remaining flat QoQ at 185 mn units. In sum, the positive result was partially offset by weak guidance, and its share price fell 3% in after-hours trading. Its DOI in March increased to 56 days from 49 days in Dec.
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