Qualcomm rallies as investors focus on diversification strategy
Qualcomm (QCOM) extended its premarket gains after beating fourth-quarter expectations and issuing a positive outlook for the current quarter. The chipmaker also approved a $15 billion stock buyback. Moor Insights & Strategy Founder, CEO, and Chief Analyst Patrick Moorhead, breaks down what the Qualcomm rally means for investors with Brad Smith and Seana Smith. Moorhead shares that investors should focus on Qualcomm’s diversification strategy. “Five years ago, Qualcomm only stood for smartphones,” Moorhead said. “While smartphones are a very large percentage of their revenues, they've diversified into a gigantic automotive business with a $45 billion backlog.” To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. This post was written by Cindy Mizaku.
