Qualcomm shares slide 9% as memory chip shortage hits smartphone market
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Chip supplier Qualcomm forecast second-quarter revenue and profit below Wall Street estimates on Wednesday, expecting a global memory supply shortage to hit mobile phone sales. The results from San Diego, California-based Qualcomm come at a time when global electronics supply chains are grappling with an acute shortage of memory chips - an essential fixture across devices from smartphones to data centers. Qualcomm shares were down 9% in after-hours trading after the results. The company's shares have fallen over 11% so far this year as Wall Street mulls market-share losses and the impact of skyrocketing memory prices. In an interview with Reuters, Qualcomm CEO Cristiano Amon said that the entire forecast miss was due to a memory chip shortage hitting Qualcomm's smartphone customers. "I'm very happy with the business - I just wish we had more memory," Amon said. "Everything is basically OEMs, especially in...