Qualcomm Slides After Forecast Signals Phone Slump Will Drag On
- Weakness in China contributes to company’s gloomy outlook
- Qualcomm says industrywide glut will take longer to clear out
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Qualcomm Inc., the largest maker of smartphone processors, tumbled in late trading after a disappointing forecast signaled that demand for mobile devices remains sluggish — especially in China.
Revenue will be $8.1 billion to $8.9 billion in the fiscal third quarter, Qualcomm said Wednesday in a statement, falling well short of the $9.25 billion average analyst estimate. That sent the shares down as much as 7.5% to $104.35.