Qualcomm Inc (NASDAQ: QCOM) has spent much of the past few months trying to convince the market that it’s more than just a smartphone chipmaker. Its earnings report, delivered July 29, will have disappointed investors looking for a clear update on whether that transformation is taking hold, as the takeaways were decidedly mixed.
The headline numbers told two stories at once. Revenue for the quarter comfortably beat expectations, driven by the diversification the company has been promising. Yet, earnings came in short, and the guidance for the quarter ahead landed below what Wall Street wanted to see.
