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- Stocks to Pick Up in Early August: Qualcomm
Stocks to Pick Up in Early August: Qualcomm
A San Diego-based chipmaker, which is essential to sales of smartphones using its Snapdragon family of processors, including a wide range of Huawei, Samsung, Xiaomi and Blackberry's line-ups, could surprise relatively low investor expectations from its quarterly earnings numbers on August 2. Nominally, the market pools are expecting $1.81 of equity per share (EPS) on $8.5 billion of revenue against $2.15 of EPS on $9.27 billion in the first quarter of 2023.
The first argument why the numbers should be estimated higher is that Qualcomm's Taiwanese partner MediaTek Inc expanded its revenue exactly on a quarterly basis, adding more positive forward guidance for the next three months as well. Besides, another gadget supplier Amphenol (APH) posted better-than-feared sales in Q2, with this electronic connector maker expecting its mobile handset income may increase at a "more robust pace and at an above seasonal level".
The market niche for gadgets is full of troubles as many global consumers postpone buying new durable goods items due to limited income. Handset producers had to come up with better offers to attract people. Smartphone shipments dropped by nearly 13% vs recent peaking values all over the world, according to research firm Canalys. Manufacturers accumulated excessive quantities of chips in storage. Yet, things are seemingly changing for the better.
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