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Qualcomm Stock Nosedives To Lowest Point In Years

November 5, 2015, 8:39 PM UTC
Courtesy of Qualcomm

Qualcomm is having its worst day in years.

The chipmaker’s shares tumbled to their lowest price point in more than four years on Thursday, after the company held a disappointing fourth quarter earnings call the day before.

The company’s stock was trading at roughly $50 per share on Thursday afternoon, a low it hasn’t hit since its share price sunk to $48.63 in Sept. 2011. By afternoon, the stock was down roughly 17%.

Qualcomm (QCOM), based in San Diego, Calif., reported on Wednesday that its earnings fell to $1.1 billion from $1.9 billion a year ago. The chipmaker also forecast earnings per share of $0.80 to $0.90 for its current quarter ending in Dec., well below the $1.08 estimated by analysts in a Thomson Reuters poll.

The company says it is struggling to get Chinese customers to pay for licensing patents. It also recently underwent an activist investor-led corporate restructuring.

The nosedive has made Qualcomm one of the worst performing stocks in the S&P 500 on Thursday.

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Read more about Qualcomm’s struggles here, or watch this video below.