By Denny Jacob
Qualcomm reported a profit that more halved from a year earlier as revenue declined, a sign of the ongoing turbulence in the market for smartphones.
The mobile-phone chip maker posted net income of $1.8 billion, or $1.60 a share, for the third quarter ended June 25, down 52% from $3.73 billion, or $3.29 a share, a year earlier. Adjusted earnings were $1.87 a share, above analysts’ estimates of $1.81 a share.
Revenue declined 23% to $8.45 billion from $10.94 billion. Analysts polled by FactSet expected $8.51 billion.
Qualcomm, which sells communication and data-processing chips crucial in phones from Apple and Samsung, has been whipsawed in recent quarters by flagging handset sales even as it sees growth in newer markets for its chips, including the automotive industry.
“As AI use cases proliferate to the edge, on-device AI has the potential to drive an inflection point across all our products,” said Chief Executive Cristiano Amon.
Write to Denny Jacob at [email protected]
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