Qualcomm is undergoing 'a natural recovery': Strategist

Qualcomm (QCOM) posted third quarter results that topped analyst estimates for both revenue and profit, while also providing an improved outlook. Brian Colello, Morningstar equity strategist, shares his analysis of the report on Market Domination Overtime.
Colello describes this as "a natural recovery for Qualcomm," noting that the situation couldn't have been worse than it was at the end of 2022 and early 2023 for the company. He sees positive developments across all segments, with even the automotive division outperforming expectations. Regarding the PC market recovery, Colello cautions that it's "a multi-year story," but points out that smartphone-related business is already showing signs of improvement.
Colello highlights Qualcomm's expansion into other sectors as electrification continues across various industries. "I think it makes sense for Qualcomm to be taking its smartphone processor expertise and moving into new markets. PC is one, automotive is another," he explains. "We're seeing electrification of the car, more and more processing power in the car, and that is going to be a multi-year, multi-decade trend. So Qualcomm is going to be in that mix."
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