The fall in smartphone sales has consequences for the activities of chip group Qualcomm. In the past quarter, sales fell 17 percent year-over-year to about $9.3 billion. Profits fell by 42 percent to $ 1.7 billion (1.54 billion euros), Qualcomm announced on Wednesday.
Revenue from the smartphone business fell 17 percent to $6.1 billion in the second fiscal quarter ended March. According to calculations by market research firm IDC, smartphone sales fell by almost 15 percent in the past quarter. Qualcomm supplies the modems for connecting to the mobile network in phones from many carriers, as well as the processors in many smartphones running Google’s Android operating system.
Qualcomm posted a 20 percent increase in automotive technology to $447 million. The group is trying to make the company another mainstay with networked and self-driving cars.
For the current quarter, Qualcomm forecasts revenue between $8.1 billion and $8.9 billion. Analysts had expected more. The stock fell more than 2 percent in aftermarket trading.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
