Qualcomm 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.
The weakness in demand for lower-end phones has also begun to hit premium devices, which fetch companies like Qualcomm higher prices for their chips. Smartphone chip firms including Apple supplier Qorvo forecast downbeat earnings as its customers continued to clear bloated inventory. Analysts at Cowen expect smartphone shipments will fall 4 per cent this year as recovery in China demand will take some time following a big COVID-19 outbreak.
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Meta shares soar as company cuts spending, forecasts upbeat first-quarter sales:Meta Platforms Inc on Wednesday forecast stricter control of expenses this year and first-quarter sales that could beat Wall Street estimates, sending shares soaring 19 per cent in after-hours trade.The world's biggest social media company cut its cost outlook for 2023 by $5 billion and expanded its share bu
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Meta mojo is back: Earnings surprise sparks share surge, lifts Big TechMeta Platforms Inc shares rose nearly 20 per cent in premarket trade after the Facebook owner floored Wall Street by slashing its spending forecast and boosting its stock buyback plan by $40 billion.The company was set to add around $75 billion to its market value and would post its best day in a decade,
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