Qualcomm shares slide as smartphone weakness clouds growth push
On November 4, Qualcomm's shares dropped over 6% after the company failed to meet Wall Street estimates for fourth-quarter smartphone chip sales. Sluggish demand and declining Apple-related revenue weighed on the company's core business, which saw a 26% decline in revenue to $5.14 billion. Analysts expected handset revenue to be $5.25 billion.
Qualcomm CEO Cristiano Amon stated that Android handset sales had reached their bottom and were starting to grow again. The company is also benefiting from its non-handset business, with analysts forecasting first-quarter revenue between $10.4 billion and $11.2 billion, exceeding estimates of $10.48 billion. Qualcomm expects $650 million in data-center sales for the fiscal first quarter, above expectations of $539.1 million.
The company has secured a multi-year 5G deal with SpaceX for its Starlink Mobile network starting in 2027.
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