Qualcomm Reports Revenues Drop Due to Slackening Smartphone Market

  • Qualcomm’s fiscal year Q3 2023 earnings showed a revenue fall in most areas, with handset chip sales dropping 25%.
  • The slump in smartphone shipments, influenced by weak demand and adverse macroeconomic conditions, is hurting the company’s handset sales.
  • Despite significant losses, Qualcomm remains upbeat, focusing on opportunities with generative AI and a growth in its Automotive business.
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