Chipmaker Qualcomm sees smartphone slump worsening

Qualcomm Inc. again lowered its forecast for smartphone shipments and gave a gloomier-than-expected sales outlook, joining other chipmakers facing a sharp turnaround in consumer demand after a pandemic-fueled boom.

The mobile phone chip designer cut its forecast to a low double-digit percentage decline from a previous forecast of a mid-single-digit decline, indicating that the downward trend in the handset market is accelerating. Qualcomm, in reporting quarterly results on Wednesday, said it expected up to $10 billion in sales for the current quarter, far short of Wall Street estimates of about $12 billion.

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