Qualcomm issued a cautious outlook for the upcoming quarter, forecasting weak profits as the global smartphone market continues to face significant demand headwinds.
The company expects its revenue from Apple to decline at an accelerated pace, though CEO Cristiano Amon stated that data center business growth is offsetting some losses.
Qualcomm shares faced downward pressure as investors reacted to the shrinking sales figures, which highlight the broader challenges facing chip manufacturers in the current fiscal year.