Qualcomm Gives Tepid Forecast in Sign of Shaky Phone Market

Qualcomm Inc., the largest maker of smartphone processors, gave a lackluster revenue forecast for the current period, stoking concern that component shortages will hurt consumer demand by driving prices up. The shares dropped in extended trading.

Sales will be $10.2 billion to $11 billion in the second quarter, which runs through March, the company said Wednesday in a statement. Profit will be about $2.55 a share, excluding certain items. Analysts, on average, estimated revenue of $11.2 billion and earnings of $2.89 a share, according to data compiled by Bloomberg.