Followers | 687 |
Posts | 142844 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
![](https://investorshub.advfn.com/uicon/35728.png?cb=1539773763)
Thursday, November 03, 2022 1:15:20 PM
By: Investing.com | November 3, 2022
(Reuters) - Sales at Qualcomm (NASDAQ:QCOM) Inc are slowing as the smartphone market heads for its worst contraction in years, and Wall Street analysts don't expect that to turn around anytime soon.
At least 14 brokerages lowered their price targets on the largest maker of smartphone chips on Thursday after it gave a forecast $2 billion below market estimates and said it had extra inventory that could take half a year to clear.
Qualcomm shares, which have already lost more than a third of their value this year, fell 6.6% in afternoon trading.
"We believe a weak market, and even a potential inventory correction was likely not entirely unexpected, though the magnitude is probably worse than what some might have had in mind," analysts at Bernstein wrote in a note.
The company's dour holiday-quarter outlook underscores the rapid decline in the smartphone market, as strict COVID-19 restrictions sap demand in top market China and a global surge in inflation weighs on consumer spending elsewhere.
The chipmaker now expects a low-double-digit percentage decline in handset sales volumes this year, compared with its prior forecast for a mid-single-digit percentage drop.
"Qualcomm's smartphone business is more positioned in the mid-range ... and the mid-range is currently the most impacted segment in the smartphone market," said Canalys research analyst Runar Bjørhovd.
Graphic: Qualcomm's handset segment revenue growth slips - https://graphics.reuters.com/QUALCOMM-RESULTS/lgvdkmgdapo/chart.png
"The outlook for the remainder of the year remains pessimistic, but there are hope that demand will start to pick up again towards the middle of 2023," Bjørhovd added.
There are, however, some bright spots.
Qualcomm expects to have the vast majority of 5G modem share for the 2023 iPhone launch, up from a previous assumption of 20%. Its revenue from new focus areas such as automotive equipment, networking and computers is also rising.
Read Full Story »»»
![](http://studentaid.gov/universal-navigation/assets/us_flag_small.png)
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent QCOM News
- Qualcomm gibt Datum der Ergebnismeldung für das dritte Quartal 2024 und der Konferenzschaltung bekannt • Business Wire • 07/19/2024 08:32:00 PM
- Qualcomm annonce qu’elle va publier prochainement ses résultats pour le troisième trimestre de l’exercice 2024 et qu’elle tiendra une conférence téléphonique • Business Wire • 07/19/2024 04:22:00 PM
- Qualcomm Schedules Third Quarter Fiscal 2024 Earnings Release and Conference Call • Business Wire • 07/19/2024 01:00:00 PM
- Qualcomm annonce le versement du dividende en espèces trimestriel • Business Wire • 07/17/2024 06:43:00 PM
- Qualcomm gibt Quartalsbardividende bekannt • Business Wire • 07/17/2024 06:43:00 PM
- Qualcomm Announces Quarterly Cash Dividend • Business Wire • 07/17/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/08/2024 09:39:01 PM
- U.S. Index Futures Mixed Following Tech Sell-Off, WTI and Brent Crude Dip Slightly • IH Market News • 06/25/2024 10:37:15 AM
- Trump Media Resells Stocks and Warrants; KB Home Exceeds Q2 Expectations, and More News • IH Market News • 06/20/2024 10:55:11 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 08:07:43 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 08:07:25 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/03/2024 09:27:46 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/03/2024 08:14:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/22/2024 09:38:33 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/22/2024 09:19:58 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/21/2024 11:34:48 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/21/2024 08:22:32 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/21/2024 04:03:50 PM
- CalPERS to Oppose Exxon Mobil Directors; Microsoft Unveils Copilot+ PCs with AI Focus, and More News • IH Market News • 05/21/2024 11:18:35 AM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/17/2024 08:04:13 PM
- OpenAI’s Reddit Partnership Boosts Shares by 14%, Microsoft Embraces AMD Chips for AI, and More News • IH Market News • 05/17/2024 11:36:28 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/16/2024 09:19:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/13/2024 08:53:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/10/2024 08:29:42 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/10/2024 08:29:27 PM
Greenlite Ventures Completes Agreement with No Limit Technology • GRNL • Jul 19, 2024 10:00 AM
VAYK Expects Revenue from First Airbnb Property Starting from August • VAYK • Jul 18, 2024 9:00 AM
North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton • NBRI • Jul 18, 2024 9:00 AM
Nightfood Holdings Signs Letter of Intent for All-Stock Acquisition of CarryOutSupplies.com • NGTF • Jul 17, 2024 1:00 PM
Kona Gold Beverages Reaches Out to Largest Debt Holder for Debt Purchase Negotiation • KGKG • Jul 17, 2024 9:00 AM
Avant Technologies Welcomes Back Former CEO with Eye Toward Future Growth and Expansion • AVAI • Jul 17, 2024 8:00 AM