Qualcomm chip shipment forecast lower than expected, Europe to blame

Qualcomm said it expects to ship between 120 million and 125 million chips during the quarter ending in September, a figure that is lower than the 130 million units MLM Partners LLC analyst Tero Kuittinen expected the company to move. The lower projection hit Qualcomm in late trading on Tuesday when its stock price fell 3.8%. Qualcomm blamed the lower than expected forecast on a weak European economy and said that consumers there aren’t buying new phones as quickly. “Chip units for autumn are light,” Qualcomm chief financial officer Bill Keitel said during a conference call. “The blame likely lies in Europe. European inventory correction now seems to be a fact instead of a theory. We reduced... »read more

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