Qualcomm forecasts earnings below expectations as smartphone demand worsens

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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