Qualcomm's Smartphone Chip Sales Miss Estimates, Shares Drop
Qualcomm reported lower-than-expected fourth-quarter revenue from its smartphone chips due to weak demand and declining Apple-related sales, causing shares to fall over 4%. Global smartphone shipments dropped 20% in the September quarter to a 14-year low. Qualcomm's handset revenue fell 26% to $5.14 billion, below analyst estimates of $5.25 billion. CEO Cristiano Amon noted Android handset sales are now growing sequentially.
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