Breaking: QUALCOMM ($QCOM) Shares Dip 5% In Premarket trading

Shares in Qualcomm fell more than 5% in Thursdays premarket trading as a disappointing forecast for no growth in its patent licensing business overshadowed a higher-than-expected outlook for sales and profits.

The shares fell 4.2% in extended trading on Wednesday, having closed up 1.6% on the day in regular hours. Qualcomm stock is up 14.5% this year.

Despite the poor results It is pertinent to note that In 2024, QUALCOMM's revenue was $38.96 billion, an increase of 8.77% compared to the previous year's $35.82 billion. Earnings were $10.14 billion, an increase of 40.24%.

Analyst Forecast
According to 27 analysts, the average rating for QCOM stock is "Buy." The 12-month stock price forecast is $207.25, which is an increase of 17.85% from the latest price.

Technical Outlook
As of the time of writing, (NASDAQ: QCOM) stock is down 5.11% in Thursday's premarket trading with recent trading session closing with a moderate RSI of 66 however there will be an impediment today on the growth of QCOM as a gap down is inevitable which is a bearish pattern that leads to further dip.

In the case of extreme selling pressure, immediate support lies in the 61.8% fib retracement level. A dip to this could set QCOM on a bullish course as liquidity has being swept on recent dip.