Economy / Markets
Qualcomm's phone business shrinks 26% and the profit outlook comes in light
Qualcomm reported fiscal fourth-quarter non-GAAP revenue of $10.44 billion, down 7%, with handset chip sales down 26% to $5.14 billion while automotive rose 89% to $1.99 billion. It guided the December quarter to $10.4-11.2 billion of revenue and non-GAAP earnings of $2.15-2.35 a share, a profit range that disappointed, and flagged broad increases in wafer, packaging and memory costs. The shares slid in extended trading.