Qualcomm stock logs worst day since pandemic shortages as chip glut produces 'lackluster' earnings

Qualcomm Inc. shares finished Thursday with their worst day in two-and-a-half years after the chip maker said it was still drawing down phone handset inventory, and analysts looked on the bright side of the “lackluster” results.

Qualcomm QCOM shares fell 8.2% to close at $118.70 on Thursday, for their worst one-day performance since Feb. 4, 2021, when the stock finished down 8.8% after the company said pandemic supply constraints were hampering results. Back in May, Qualcomm’s stock fell under pressure after the company said it would be drawing down inventory for “at least the next couple quarters.”

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