Qualcomm Shares Fall on Weak Chip Sales
Qualcomm shares dropped 9 percent in premarket trading after smartphone chip sales missed Wall Street estimates. The decline offset gains from newer growth areas like data center chips.
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QUALCOMM INC shares dropped 9% in Thursday premarket trading after smartphone chip sales missed Wall Street estimates, threatening to erase $17.5 billion in market value. The decline highlights persistent investor anxiety over whether newer data-center chips can offset slowing handset revenue. Qualcomm must now prove its hardware pivot can outpace rising component costs and the loss of business from APPLE INC products.
