Qualcomm Slides After Posting Lackluster Phone Chip Sales

Shares of Qualcomm Inc., the biggest maker of chips that run smartphones, fell after the company reported lackluster growth in that market, fueling concerns that tariffs will take a toll on the industry.

Phone-related sales rose 7% to $6.33 billion in the fiscal third quarter, which ended June 29, Qualcomm said Wednesday in a statement. The average analyst estimate was $6.48 billion, according to data compiled by Bloomberg.