Qualcomm Gives Downbeat Forecast as Phone Market Deteriorates; China Lockdowns To Blame
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Qualcomm, the biggest maker of smartphone processors, tumbled after giving a far weaker forecast than expected.
Qualcomm Inc., the biggest maker of smartphone processors, tumbled in late trading after giving a far weaker forecast than expected, punished by the economic slowdown and Covid-19 lockdowns in China. Revenue will be $9.2 billion to $10 billion in the fiscal first quarter, Qualcomm said Wednesday. That compares with an average analyst estimate of $12 billion. Excluding certain items, earnings will $2.45 a share at best, Qualcomm said. The average projection was $3.40. The outlook suggests that the slumping market for consumer devices is eroding even faster than expected, sending Qualcomm shares plunging as much as 8.4%. Even before the report, the stock was down 3...