Broadcasting Firm's Revenue Falls Short, Stock Drops

Qualcomm expects lower-than-forecasted revenue for the fourth quarter, with approximately $34.8 billion compared to market estimates of $35.03 billion. The company anticipates AI chip sales of $21.7 billion, surpassing the predicted $21.33 billion. This comes amid increasing competition from companies such as Nvidia and Google, as well as the impact of supply chain challenges on growth, despite a significant rise in AI chip revenues in the previous quarter. The announcement caused the company's stock to drop more than 3%, even though it has gained 6% since the start of the year.

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