Qualcomm Inc (NASDAQ:QCOM) shares are trading higher by 2.49% to $132.71 Monday afternoon. The stock is rising Monday potentially in sympathy with ON Semiconductor after the company reported strong earnings.
ON Semiconductor and Qualcomm operate in the semiconductor industry, and their financial performances can influence investor sentiment towards the sector.
A strong earnings report from ON Semiconductor may lead investors to be more optimistic about the overall semiconductor market, including Qualcomm’s business prospects.
What Happened With Earnings?
ON Semi achieved flat revenue growth year-on-year, reaching $2.09 billion, surpassing the consensus estimate of $2.02 billion. Additionally, non-GAAP EPS was $1.33, exceeding the consensus estimate of $1.21.
The company’s non-GAAP gross margin declined by 230 basis points to 47.4%, and the non-GAAP operating margin decreased by 170 basis points to 32.8%…Read More
According to data from Benzinga Pro, QCOM has a 52-week high of $152.91 and a 52-week low of $101.47.
