Qualcomm shares tumble as phone chip sales falter. Here's what the pros are saying
August 3, 2023
posted on
Market Movers rounded up the best reactions from investors and analysts on Qualcomm . The experts, including Jim Cramer , talked about the semiconductor company a day after it had reported fiscal third-quarter adjusted revenue and guidance that missed estimates. Qualcomm cited slowing smartphone chip sales as a source for its financial woes, which declined 25% on a year-over-year basis. Net income also fell 52% from a year ago. Deutsche Bank noted the slumping handset chip sales as it downgraded Qualcomm’s stock to hold from buy. Shares finished Thursday down 8.2%.
