Qualcomm shares are down in extended trading after the company released second quarter earnings results.KristinaParts has the details.
$2.15 per share, adjusted, versus expectations of $2.15 per shareIn the quarter ending in March, Qualcomm said net income fell 42% to $1.70 billion, or $1.52 per share, from $2.93 billion, or $2.57 per share, a year ago.
Qualcomm CEO Cristiano Amon in a statement blamed the results on a challenging environment, and the company said it had not seen evidence that smartphone sales are recovering in China. The smartphone market is looking at a tough 2023, with shipments for the global market declining over 14% in the first quarter,Qualcomm's chip segment, called QCT, sells smartphone processors, automotive chips, and other parts for advanced electronics. It declined 17% to $7.
Qualcomm's automotive business, which includes chips and software for cars, is still small, although it showed 20% growth during the quarter to $447 million in revenue. It's reported as part of QTL.
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