Qualcomm revenue falls 12%, guidance implies more pain this quarter
- Qualcomm’s top line fell short for the quarter, with handset revenue declining 18%.
- The company called for a sharper decline in the next quarter.
- It announced plans to invest in Renault Group’s electric and software company.
shares fell 2% in extended trading on Thursday after the chipmaker reported lower fiscal first-quarter revenue than analysts had predicted and issued weak quarterly guidance. Here’s how the company did:
- Earnings: $2.37 per share, adjusted, vs. $2.34 per share as expected by analysts, according to Refinitiv.
- Revenue: $9.46 billion, vs. $9.60 billion as expected by analysts, according to Refinitiv.
Qualcomm’s revenue decreased 12% year over year in the quarter, which ended Dec. 25, according to a statement. Net income fell 34% to $2.24 billion. The macroeconomic environment and higher channel inventory hurt results, the company said.