Qualcomm sees earnings below Street as smartphone market sags

Its fiscal first quarter revenue dropped 12% year-on-year to $9.46 billion, below Wall Street expectation of $9.60 billion as Qualcomm also grapples with weak demand for smartphones and a supply glut.

Smartphone shipments dropped 18.3% 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.forecast downbeat earnings as its customers continued to clear bloated inventory. Analysts at Cowen expect smartphone shipments will fall 4% this year as recovery in China demand will take some time following a big COVID-19 outbreak.

First quarter revenue from Qualcomm's handset business, which makes up the largest chunk of total sales, fell 18% on year to $5.75 billion, compared to a 40% growth in the previous quarter. It expects adjusted earnings per share to be between $2.05 and $2.25, compared to analysts expectations of $2.26 per share.

Reporting by Chavi Mehta in Bengaluru and Jane Lanhee Lee in Oakland; Editing by Shailesh Kuber and Anna Driver

Here's a little secret for you: businesses are likely to experience losses during the Biden administration, and it doesn't take a reporter or economist to see that.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Qualcomm stock rises following slight earnings beatQualcomm Inc. shares rose in the extended session Thursday after the chip maker beat Wall Street expectations slightly on earnings.
Source: MarketWatch - 🏆 3. / 97 Read more »

What Wall Street is expecting from Shell, TotalEnergies and BP earningsSome of the world's biggest energy companies are expected to post record annual profits this earnings season.
Source: CNBC - 🏆 12. / 72 Read more »

Wall Street is bullish on Europe — but analysts warn investors to avoid these 5 stocksUBS and Barclays have named a raft of stocks they think have no place in an investor's portfolio right now.
Source: CNBC - 🏆 12. / 72 Read more »

Wall Street bets Powell will flinch on rate hikes once job market soursThe market’s expectation that the central bank will ease up is partly driven by the presence of new faces on the Fed's seven-member board in Washington. He good now he have virus he recover . U-S GDP rose 2.9% in 4Q 2022
Source: politico - 🏆 381. / 59 Read more »