Smartphone weakness hits chip company Qualcomm
The decline in smartphone sales is affecting the business of chip group Qualcomm. In the past quarter, sales fell 17 percent year-on-year to about $9.3 billion. Profits fell 42 percent to $ 1.7 billion (1.54 billion euros), as Qualcomm announced on Wednesday.
Qualcomm posted a 20 percent increase in technology for cars to $447 million. The group is trying to make the business with networked and self-driving cars another mainstay.
The decline in smartphone sales is affecting the business of chip group Qualcomm. In the past quarter, sales fell 17 percent year-on-year to about $9.3 billion. Profits fell 42 percent to $ 1.7 billion (1.54 billion euros), as Qualcomm announced on Wednesday.
Revenue from the smartphone business fell 17 percent to $6.1 billion in the second fiscal quarter ended March. According to calculations by the market research company IDC, smartphone sales fell by almost 15 percent in the past quarter. Qualcomm provides the modems for connecting to the mobile network in phones from many providers, as well as the processors in numerous smartphones with Google’s Android operating system.
Qualcomm posted a 20 percent increase in technology for cars to $447 million. The group is trying to make the business with networked and self-driving cars another mainstay.