Qualcomm
dropped as much as 5% in extended trading Wednesday despite the semiconductor company's better-than-expected second-quarter earnings. Qualcomm reported earnings per share of 77 cents on revenue of $4.98 billion. Wall Street expected earnings per share of 71 cents on revenue of $4.80 billion, according to Refinitiv consensus estimates. The stock pared its losses after the initial post-earnings dip to trade roughly 3% down.
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