Qualcomm: Sluggish smartphone demand weighs down financial forecast

Sluggish smartphone sales and bloated chip inventories continued to weigh down Qualcomm’s financial results in the March quarter, and it looks like these headwinds aren’t going to ease for a while. It didn’t happen, as Qualcomm’s forecast for the June quarter called for continued revenue and earnings declines. For the quarter, Qualcomm brought in revenue of $9.27 billion, down 17 percent over the same quarter last year. Analysts’ consensus forecast for the June quarter called for $9.2 billion in revenue and adjusted earnings of $2.20 per share. Last quarter, Qualcomm announced it would be reducing operating expenses by 5 percent.