Citing challenges in the macroeconomic environment and elevated channel inventory, Qualcomm reported quarterly revenues of $9.275 billion, down 17% compared to the same period a year ago. Diluted earnings per share (EPS) amounted to $1.52, down 41% compared to a year ago.
“As we navigate this challenging environment, we remain focused on the critical factors we can control to emerge stronger from this downturn – our leading technology roadmap, best-in-class product portfolio, strong customer relationships and operational efficiencies,” said Cristiano Amon, President and CEO of Qualcomm Incorporated. “Our top priority remains to execute our diversification strategy and invest in areas that drive long-term value.”
Regarding it outlook for the current quarter, Qualcomm said it expcts "continued impact of the macroeconomic headwinds, weaker global handset units, and channel inventory drawdown. In addition, we estimate a larger-than-normal sequential decline in QCT revenues, primarily due to the timing of purchases by a modem-only handset customer."
