Published on 24 May 2024 on Benzinga
Qualcomm Shares Rises On NVIDIA's Earnings Beat: Semiconductor Stocks Surge - Qualcomm (NASDAQ:QCOM)
Qualcomm Incorporated QCOM saw its shares climb by around 4% following NVIDIA‘s NVDA impressive earnings report this week. The semiconductor industry experienced a notable surge as investors reacted positively to NVIDIA’s robust financial performance.
What To Know: NVIDIA’s earnings report, which beat expectations with adjusted earnings per share of $6.12 compared to the estimated $5.59 and revenue of $26 billion exceeding the $24.6 billion estimate, acted as a significant catalyst for semiconductor stocks. Qualcomm, being a key player in the semiconductor market, benefited from the positive sentiment generated by NVIDIA’s stellar results.