Qualcomm's shares sank nearly 8 per cent premarket on Thursday (May 4) after the chip designer signalled it would take longer for its crucial smartphone market to rebound from a post-pandemic slump. The company, which supplies to top handset makers Apple and Samsung, was set to lose about US$10 billion in
Qualcomm's shares sank nearly 8 per cent premarket on Thursday after the chip designer signalled it would take longer for its crucial smartphone market to rebound from a post-pandemic slump.
Qualcomm's quarterly revenue outlook was the second time a chip firm has underwhelmed Wall Street this week. Advanced Micro Devices slumped more than 9 per cent on Wednesday after a dour forecast. The company blamed the weakness on the timing of purchases by a customer that only buys its cellular modems and China, where an expected post-COVID recovery was yet to materialize.
"The next two quarterly estimates will be adversely impacted by Apple as this leading modem-only customer purchased modems from Qualcomm in greater volumes earlier than normal due to the supply chain issues," said Michael Walkley of Canaccord Genuity.
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