Qualcomm Gives Downbeat Forecast as Phone Market Deteriorates
- Revenue could be $2 billion less than expected this quarter
- Covid-19 lockdowns in China also expected to hurt sales
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Qualcomm Inc., the biggest maker of smartphone processors, tumbled in pre-market trading after giving a far weaker forecast than expected, punished by the economic slowdown and Covid-19 lockdowns in China.
Revenue will be $9.2 billion to $10 billion in the fiscal first quarter, Qualcomm said Wednesday. That compares with an average analyst estimate of $12 billion. Excluding certain items, earnings will be $2.45 a share at best, Qualcomm said. The average projection was $3.40.