Qualcomm slashes forecast amid chip glut, weak smartphone market

Qualcomm, a leading maker of wireless chips used in cell phones, cars and other devices, slashed its forecast for the current quarter amid both weaker demand and an excess of inventory already in customers' hands.Qualcomm is a bellwether for the smartphone industry and its challenges highlight just how quickly the semiconductor industry has shifted from unprecedented supply shortage into a glut of chips.

Qualcomm shares dropped more than 5% in after-hours trading, changing hands recently at $106.65, down $5.85. The stock had already lost nearly $5 per share, or more than 4% in regular trading on Wednesday, amid a broader market downturn.: Qualcomm said the main factor in its dimmed outlook is a dramatically weaker smartphone market. The company, which had seen smartphone sales dipping by a mid-single-digit percentage for the calendar year, now expects a drop in the low double digits.

"The rapid deterioration in demand and easing of supply constraints across the semiconductor industry have resulted in elevated channel inventory," it said in a statement. As a result, it now expects its earnings for the current quarter to be 80 cents per share lower than its prior expectation.: Qualcomm now believes it will supply the "vast majority" of iPhone modem chips next year.

Source: News Formal (newsformal.com)

United States Latest News, United States Headlines

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

Holiday Hits 2022, Week 1: Hot Toys of 2022The Toy Insider’s Laurie Schacht is highlighting some of the hottest toys of 2022.
Source: NBCDFW - 🏆 288. / 63 Read more »

Certain 2022 Lamborghini Urus Models In The U.S. And Canada Need A New Infotainment System | CarscoopsCertain 2022 Lamborghini Urus Models In The U.S. And Canada Need A New Infotainment System | Carscoops carscoops
Source: Carscoop - 🏆 306. / 63 Read more »

Rockefeller Center Christmas Tree: 2022 Selection RevealedThe 2022 Rockefeller Center Christmas Tree is an 82-foot tall Norway Spruce coming from Queensbury, New York, and arriving later this month. The 50-foot wide, 14-ton tree, donated by the Lebowitz family of Glens Falls, is believed to be about 85 to 90 years old. It will be cut down in a few days and transported roughly 200 miles south…
Source: NBCNewYork - 🏆 270. / 63 Read more »

Mega MAGA: Here's where Trump's influence was strongest in Arizona's 2022 GOP primaryIn May, President Biden inveighed against what he called the “ultra MAGA” agenda. The azcentral's research identified the places where MAGA is not just popular, but overwhelming. Call it mega MAGA. azcentral We are all ULTRA MAGA now. Apparently even hippy communist nudists in San Fran are 'ultramaga' azcentral Now do an article on mega liberal policies like Portland Oregon azcentral HINT: IT'S NOT THE ULTRA-ILLEGAL SECTIONS
Source: USATODAY - 🏆 100. / 63 Read more »

A community in photos: Looking back at October 2022 in SaskatoonStarPhoenix photographers shot some memorable moments around Saskatoon last month.
Source: TheStarPhoenix - 🏆 253. / 63 Read more »

Amazon Echo deals for Alexa's birthday hit the lowest prices of 2022Amazon Echo deals are back for Alexa's birthday! Get the Echo Dot, Echo, Echo Buds, Echo Auto, and more at the lowest prices of 2022.
Source: BGR - 🏆 234. / 63 Read more »