Qualcomm forecasts lower phone sales due to Covid-19 shutdown.
- Qualcomm Inc., the largest smartphone processor maker, fell in pre-market trade after a worse estimate, hurt by China’s economic downturn and Covid-19 lockdowns.
- Qualcomm forecasted $9.2 billion to $10 billion in fiscal first-quarter revenue Wednesday. Analyst estimates average $12 billion. Qualcomm said earnings could reach $2.45 per share excluding certain factors. Average projection: $3.40.
- In a conference call, Qualcomm officials indicated they are halting recruiting to deal with the slowdown. The company estimated two quarters to eliminate excess inventory.