Qualcomm Gives Lackluster Forecast, Renewing Slowdown Fears
- Non-phone chip sales surge, but fall short of some estimates
- Company lowers expectations for 2022 smartphone sales
Qualcomm headquarters in the Sorrento Valley neighborhood of San Diego, California.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
Qualcomm Inc., the biggest maker of chips that run smartphones, gave a lackluster forecast for the current period, saying that a weakening economy will hurt consumer spending on mobile devices.
Revenue will be $11 billion to $11.8 billion in the fiscal fourth quarter, Qualcomm said in a statement Wednesday. That compares with an average analyst estimate of $11.9 billion. Excluding certain items, earnings will be $3 to $3.30 a share, versus the $3.26 average projection.