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Qualcomm Forecasts Show More Competitive Smartphone Market

  • Shares decline to lowest price in more than five years
  • Company's problems `are structural and not going away'
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Qualcomm Inc. forecast fiscal second-quarter sales and profit that may fall short of analysts’ estimates, indicating that increasing competition in the slowing smartphone market is weighing on semiconductor orders. The shares tumbled.

Net income in the period that ends in March will be 69 cents to 79 cents a share on revenue of $4.9 billion to $5.7 billion, Qualcomm said Wednesday in a statement. On average, analysts had projected earnings of 84 cents on sales of $5.66 billion, according to data compiled by Bloomberg.