Qualcomm Inc on Wednesday forecast third-quarter revenue and profit below Wall Street estimates, saying the smartphone industry would take longer to use up excess chips before fresh orders flow in.
A smartphone with a displayed Qualcomm logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photoon Wednesday forecast third-quarter revenue and profit below Wall Street estimates, saying the smartphone industry would take longer to use up excess chips before fresh orders flow in.
The company said a larger-than-normal decline in its chip revenue forecast from the prior quarter was mainly due "to the timing of purchases by a modem-only handset customer." Smartphone demand has remained weak despite promotions and price cuts. Global smartphone shipments fell 13% in the first quarter, according to research firm Canalys.demand, with sliding first-quarter sales for Apple and its Android rivals in the world's second largest economy.
Used phones are also starting to eat into sales of premium-tier devices, Chief Financial Officer Akash Palkhiwala said, noting that this is baked into Qualcomm's forecast and the company is monitoring it closely.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
QCOM Stock Price | Qualcomm Inc. Stock Quote (U.S.: Nasdaq) | MarketWatchQCOM | Complete Qualcomm Inc. stock news by MarketWatch. View real-time stock prices and stock quotes for a full financial overview.
Consulte Mais informação »
Qualcomm stock slides as outlook falls short of Wall Street expectationsQualcomm Inc. shares decline in the extended session Wednesday after the chip maker's outlook fell short of Wall Street estimates.
Consulte Mais informação »
Qualcomm gives light forecast, phone chip sales fall 17%Qualcomm shares are down in extended trading after the company released second quarter earnings results.KristinaParts has the details.
Consulte Mais informação »
Uber Technologies Inc Stock Price Today | NYSE UBER Live Ticker - Investing.comView today's Uber Technologies Inc stock price and latest UBER news and analysis. Create real-time notifications to follow any changes in the live stock price.
Consulte Mais informação »
Disinformation Inc: House GOP steps up 'censorship' inquiry into Blinken's State DepartmentEXCLUSIVE — House Republicans are expanding the scope of their investigation into the Biden administration's alleged ties to 'censorship' and 'disinformation' tracking through a new demand for a trove of records from the State Department.
Consulte Mais informação »
Fresh Del Monte misses profit and sales expectations, but boosts dividend by 33%FFresh Del Monte Produce Inc. reported Wednesday first-quarter profit and sales that were below Wall Street estimates, as lower avocado prices and weakness...
Consulte Mais informação »