Qualcomm’s Q3 Earnings Beat Estimates, But Suffers Revenue Shortfall Amidst Decreased Chip Sales

  • Qualcomm reports third-quarter earnings surpassing Wall Street expectations, however, revenue and Q4 forecast fall short.
  • Company sees its smartphone processor sales fall by 25% due to the declining smartphone industry; expects slow recovery, but anticipates growth in the holiday season.
  • Automotive business shines with a 13% revenue increase to $434 million; company aims to boost growth with focus on artificial intelligence.
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