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.

Source: thestar May 04, 2023 06:40 UTC