Mobile phone chipmaker Qualcomm cut its forecast for smartphone shipments this year and posted a muted sales outlook, reflecting a slowdown in consumer appetite for smartphones, already that rising inflation and economic uncertainty are causing people to cut back on discretionary spending.
The San Diego-based company, one of the world’s largest suppliers of chips for mobile phones, on Wednesday reported a 36% rise in sales to $10.94 billion in the most recent quarter, beating a $10.86 billion estimate from analysts polled by FactSet. However, its forecast of $11 billion to $11.8 billion in revenue for the current quarter fell short of Wall Street forecasts.