Qualcomm stock drops 7% on weak earnings forecast as memory shortage weighs on smartphone sales

Qualcomm reported a quarterly revenue of $10.44 billion, slightly above estimates, but its earnings forecast of $2.15–$2.35 per share fell short of the $2.27 expected, causing the stock to drop 7% in extended trading. The company’s handset chip sales fell 26% to $5.14 billion, while automotive revenue rose 89% to $1.99 billion.

Source: Qualcomm stock drops 7% on weak earnings forecast as memory shortage weighs on smartphone sales — CNBC

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Topics: qualcomm · stocks · earnings · smartphones · tech