Chipmakers Tumble Amid ‘High Bar’ for Qualcomm’s Earnings
- Both its results and the forecast beat the analyst consensus
- However, chips for cars and Internet of Things miss estimates
Qualcomm headquarters in San Diego, California.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
Semiconductor stocks slumped on Thursday, with Qualcomm Inc. slipping even after the biggest maker of smartphone chips reported earnings and forecasts that beat estimates.
Qualcomm fell short of projections in certain categories, including chips for cars, the Internet of Things and radio-frequency components. Supply woes also hampered its ability to take advantage of booming demand for phones.