Qualcomm revenue lags

Qualcomm failed to meet Wall Street’s expectations for quarterly handset-chip revenue as demand slowed and Apple-related revenue declined, sending its shares down more than 4.5% in after-hours trading. Revenue from its handset unit fell 26% to $5.14 billion, below analysts’ expectations of $5.25 billion, while revenue from its chip segment declined 8% to $9.02 billion. Rising memory-chip prices and a 20% drop in global smartphone shipments in the quarter ended in September—bringing them to their lowest level in 14 years—added to the pressure on the company.

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