Qualcomm forecasts earnings a bit below expectations, shares rise

BANGALORE/OAKLAND Calif :Qualcomm Inc forecast second-quarter revenue and profit below Wall Street estimates on Thursday, but the outlook was not as bleak as those from other chip makers.While inflation and macroeconomic uncertainty has hurt consumer electronics sales, Qualcomm has been buffered by the fact it focuses on the premium smartphones, a market that has higher margins.

The chipmaker forecast current quarter revenue in the range of $8.7 billion to $9.5 billion, compared with analysts' estimates of $9.55 billion, according to Refinitiv data. Smartphone shipments dropped 18.3 per cent in the quarter ended Dec. 31 marking the largest ever quarterly slump, according to data from research firm IDC, as even the holiday shopping season could not revive battered consumer spending.

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Qualcomm forecasts earnings below expectations as smartphone demand worsensQualcomm Inc forecast second-quarter revenue and profit below Wall Street estimates on Thursday, as the company grapples with weak demand for smartphones and a supply glut.Smartphone shipments dropped 18.3 per cent in the quarter ended Dec. 31 marking the largest ever quarterly slump, according to data fr
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