US Stock Market Movement | Warning of Trade Restrictions Impact, Qualcomm Drops Nearly 7%, Chip Stocks Decline Across the Board
Qualcomm's stock price fell nearly 7% to $168.24 due to the chip manufacturer's warning about the impact of trade restrictions. At the same time, other chip stocks also generally declined, including Arm, Micron Technology, AMD, ASML, and NVIDIA
According to Zhitong Finance, on Thursday, Qualcomm (QCOM.US) saw its stock price rise, with the stock falling nearly 7% to $168.24 at the time of publication. The chip manufacturer warned of the impact of trade restrictions.
In the third quarter ending June 23, Qualcomm's revenue increased by 11% year-on-year to $9.39 billion, higher than the analyst average expectation of $9.21 billion. Under Non-GAAP accounting standards, the pre-tax profit was $3.034 billion, up 25% year-on-year; net profit was $2.648 billion, up 26% year-on-year; diluted earnings per share were $2.33, higher than the analyst average expectation of $2.24.
Chip stocks collectively declined, with Arm (ARM.US) falling over 15%, Micron Technology (MU.US) falling over 5%, AMD (AMD.US) falling over 5%, ASML (ASML.US) falling over 4.3%, and NVIDIA (NVDA.US) falling over 3%