Qualcomm estimates profit from third-quarter revenue and says the smartphone industry will take a long time to use excess chips before fresh orders come in. The chip designer’s shares were down nearly 7% after its forecast accounted for macroeconomic headwinds and weaker worldwide sales of handsets.
Qualcomm expects a good recovery of smartphone sales in China in the second half of the year. CEO Cristiano Amon spoke with investors on a conference call “We have not seen evidence of recovery and are not incorporating improvements into our planning assumptions.”
Read more: Qualcomm outlook grim as smartphone sales stay weak
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