Qualcomm slides on lower smartphone sales, and the outlook doesn’t get any better

What you need to know

  • Qualcomm released its FY Q1 financial earnings on February 2.
  • The company saw revenue declines across the company’s various businesses and divisions.
  • The company expects revenue to continue falling in the current quarter, despite sales of the new Galaxy S23.

Qualcomm’s latest financial earnings report underscores a challenging year for smartphone OEMs as demand falls. The company reported $9.46 billion over the quarter ending on December 31, 2022, which is not only a 12% decline compared to the same period in late 2021 but also falls below analyst expectations.

The company’s QCT business is responsible for most of its revenue, representing sales of handsets, automotive, and IoT. The division overall saw an 11% drop in revenue, which was attributed to the 18% decline in handset revenue. Coincidentally, this coincides with IDC estimates that smartphone shipments fell in Q4 2022 by 18%.

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