Qualcomm Inc on Wednesday forecast third-quarter revenue and profit below Wall Street estimates, saying the smartphone industry would take longer to use up excess chips before fresh orders flow in.
A smartphone with a displayed Qualcomm logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photoon Wednesday forecast third-quarter revenue and profit below Wall Street estimates, saying the smartphone industry would take longer to use up excess chips before fresh orders flow in.
The company said a larger-than-normal decline in its chip revenue forecast from the prior quarter was mainly due "to the timing of purchases by a modem-only handset customer." Smartphone demand has remained weak despite promotions and price cuts. Global smartphone shipments fell 13% in the first quarter, according to research firm Canalys.demand, with sliding first-quarter sales for Apple and its Android rivals in the world's second largest economy.
Used phones are also starting to eat into sales of premium-tier devices, Chief Financial Officer Akash Palkhiwala said, noting that this is baked into Qualcomm's forecast and the company is monitoring it closely.
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