Why Qualcomm (QCOM) Stock Is Down Today [Yahoo! Finance]
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Source: Yahoo! Finance
smartphone market by the end of the decade during its IoT and Automotive Diversification Investor Day event. However, the stock's reaction suggests markets are struggling to digest the short-term hit to revenues as Qualcomm shifts its focus from producing chips for the smartphone market—including big players like Apple. Qualcomm added that Apple could stop buying its chips as early as 2027. Some Wall Street analysts have weighed in on the update. Susquehanna analyst Christopher Rolland added, "We continue to have confidence in CEO Amon's ability to move Qualcomm beyond a modem and cellular IP company to become a true broad-based semis player… That said, if there was one knock, we think the loss of Apple will weigh until 2027." Additionally, there could be concern about Qualcomm's ability to meet some of the new milestones it has set for itself. To generate an additional $22 billion in yearly revenues by 2029, Qualcomm is expanding its target markets to include segments such as per
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