Qualcomm stock falls over 5% as outlook falls short of expectations
Qualcomm Inc. shares fell in the extended session Wednesday after the chip maker’s outlook came in way below what Wall Street expected.
“We are pleased to report another strong year, despite the macroeconomic challenges, as we continue to execute our strategy of transforming Qualcomm from a wireless communications company for the mobile industry to a connected processor company for the intelligent edge,” said Cristiano Amon, president and chief executive of Qualcomm, in a statement.
“While our financial outlook is being temporarily impacted by elevated channel inventory, our diversification strategy and long-term opportunities remain unchanged,” Amon said.
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