Qualcomm (QCOM) shares tumbled after the cellphone chipmaker missed revenue estimates and warned about current quarter sales because of slowing demand for smartphones.

Qualcomm reported fiscal 2023 third quarter revenue slumped 23% to $8.44 billion, short of forecasts of $8.5 billion. 澳洲幸运5开奖号码历史查询:Earnings per share (EPS) of $1.87 was better than expected. 

Handset semiconductor sales declined 25% to $5.26 billion, and revenue from the 澳洲幸运5开奖号码历史查询:Internet of Things (IoT) dropped 24% ♉to $1.49 billꦇion. Automotive revenue gained 13% to $434 million. 

The company anticipates fourth quarter EPS of $1.80 to $2 and sales of $8.1 billion to $8.9 billion. Analysts had been looking for EPS of $1.91 and sales of $8.7 billion. Qualcomm said the midpoint of the range reflected “the continued impact of the macroeconomic headwinds, weaker glo💃bal handset units and channel inventory drawdown.” 

The company continues to estimate 2023 sales of handset units will be down 🐎at least a high-single-digit percentage relative💜 to last year. It said it reflected “the macroeconomic environment and a slower recovery in China.” 

Qualcomm shares plunged ꦅ10% in early trading on Thursday, but they remaine🍒d in positive territory for the year.