Qualcomm Sees Modest 2024 Recovery After Glut; Shares Fall
- Earnings forecast for current period meets analysts’ estimates
- Handset chip sales reversed declines in latest quarter
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Qualcomm Inc., the world’s biggest seller of smartphone processors, is expecting a modest recovery for the industry in 2024, with phone shipments getting stronger but the market for internet-connected appliances remaining sluggish.
Phone shipments, which declined in 2023, will be “flat to up slightly” in 2024, the company said Wednesday on a conference call following its fiscal first-quarter earnings report. Though phone manufacturers have mostly worked through excess inventory, oversupply remains a problem in Qualcomm’s second-largest business — providing chips for connected devices.