Qualcomm Reports Q3 Revenue Down 4% YoY to $9.95B Amid Rising Chip Costs
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Qualcomm Inc. reported a 4% year-over-year decline in revenue to $9.95 billion for the third quarter, with net income falling 25% due to higher memory chip prices impacting its device business. The company also issued a weak profit forecast for the current quarter, indicating that component shortages and rising costs are affecting its main market.
CEO Cristiano Amon stated, "Cost went up, prices are going to go up," as Qualcomm prepares to raise prices amid the ongoing memory crunch. Following the earnings report, Qualcomm's stock dropped over 7% in after-hours trading, reflecting investor concerns about the company's outlook and expected revenue decline from Apple.
Sources
Every quote below is verbatim from the article it is attributed to.
“Net income falls 25% as higher memory chip prices hit device business”
FT — Qualcomm posts shrinking sales and profits as chip costs hurt smartphone market“"Cost went up, prices are going to go up," Qualcomm CEO Cristiano Amon said in an interview.”
CNBC — Qualcomm to raise prices during memory crunch as chipmaker issues light earnings guidance“Qualcomm Inc., the largest maker of smartphone processors, gave a weak profit forecast for the current quarter, signaling that component shortages and rising costs are taking a toll on its main market.”
Bloomberg — Qualcomm Gives Tepid Profit Forecast in Sign of Phone Woes“The chip company came up short on its bottom line.”
MarketWatch — Qualcomm's stock falls as memory woes weigh on earnings“Reuters: Qualcomm reports Q3 revenue down 4% YoY to $9.95B, forecasts Q4 profit below est., and expects revenue from Apple to fall faster; QCOM drops 7%+ after hours — Qualcomm (QCOM.O)”
techmeme — Qualcomm reports Q3 revenue down 4% YoY to $9.95B, forecasts Q4 profit below est., and expects revenue from Apple to fall faster; QCOM drops 7%+ after hours (Reuters)
Earlier versions
- Jul 29, 10:20 PM — Qualcomm Profit Forecast Misses Estimates Amid Component Shortages and Rising Costs (3/3)