Qualcomm Slips; DoorDash Plunges; Fortinet Falls

- Qualcomm (QCOM) shares dropped in premarket trading after the chipmaker reported its fourth-quarter results and gave an outlook. Analysts are broadly positive on the report, which showed a profit hit from a US tax change. Qualcomm took a $5.7 billion writedown in period, which contributed to a $3.12 billion net loss. Other tech companies have recently reported hefty one-time charges from tax adjustments, including Meta Platforms Inc.
- DoorDash (DASH) shares plunged in the early session after the US food-delivery app leader said it will spend more on investments next year to build new products and bolster internal tools, weighing on its earnings forecast. The company, which operates in more than 40 countries through its Wolt unit and the recently acquired Deliveroo business, expects to increase investment in Deliveroo to improve the product and maintain growth, it said in a statement Wednesday.
- Shares of Fortinet (FTNT) sank premarket as revenue in its service segment missed expectations. The Sunnyvale, California-based cybersecurity company’s largest segment rose 13% in the quarter ending Sept. 30 to $1.17 billion slightly below Wall Street’s estimates. It was Fortinet’s slowest quarterly growth for service revenue in at least a decade.

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