Nov 2 (Reuters) - Smartphone chipmaker Qualcomm Inc forecast first-quarter gross and nett beneath Wall Street estimates connected Wednesday arsenic its spot concern was slammed by slowing request for mobile phones successful the look of surging prices globally.
Decades-high inflation, the Ukraine war, COVID-19 lockdowns successful China and fears of an economical slowdown person soured request for idiosyncratic electronics arsenic consumers wantonness discretionary spending connected items specified arsenic mobile phones.
That successful crook led to a 12% driblet successful smartphone portion shipments successful the 3rd 4th ended September, according to Counterpoint Research.
Qualcomm expects a debased double-digit percent diminution successful handset volumes this year, compared with its anterior forecast of a mid-single-digit percent drop.
Revenue from Qualcomm's handsets business, which makes up much than fractional of full sales, roseate 40% successful the 4th quarter, portion gross from chips that alteration WiFi and Bluetooth connections fell 20%.
The institution forecast current-quarter gross successful the scope of $9.2 cardinal and $10 billion, compared with analysts' estimates of $12.02 billion, according to Refinitiv data.
It expects adjusted net per stock to beryllium betwixt $2.25 and $2.45, compared with analysts' expectations of $3.42. (Reporting by Chavi Mehta successful Bengaluru and Jane Lanhee Lee successful Oakland; Editing by Anil D'Silva)
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