(AOF) – In New York, Qualcomm fell 11.01% to 115.04 dollars. The mobile technology specialist posted adjusted net income down 37% year-on-year to just over $2.1 billion, or EPS per share of $1.87, above market expectations, under of its third fiscal quarter. Its operating profit fell 38% to $2.43 billion. Its revenues, down 23% to 8.45 billion dollars, came out below expectations (8.5 billion dollars) against 10.9 billion dollars a year ago at the same period.
Revenues related to smartphones were 5.3 billion against 5.5 billion expected.
While Chinese demand has not recovered as much as expected, the group estimates that global mobile phone shipments should fall by at least 6-9% this year.
In addition, during this third quarter of fiscal 2023, Qualcomm returned $1.3 billion to shareholders, including $893 million (or 0.80 cents per share) in cash dividends.
Sales of the San Diego firm are expected between 8.1 and 8.9 billion dollars in the fourth fiscal quarter, a mid-range lower than the consensus which was at 8.8 billion.
Qualcomm also aims for earnings per share (non-GAAP) of between 1.8 and 2 dollars in the fourth quarter.
Given the weak demand for smartphones against a backdrop of slowing global economic growth, the group plans to cut jobs.
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