Qualcomm Q1 2023 financial results

Continued softness in handset sales cause Q1 revenue decline by 17%, net income down 33% Y-Y.

Andy Patrizio

The good news is that Qualcomm‘s earnings were in line with the projected softness in the mobile phone market. The bad news is the company doesn’t see an end in sight. In the first quarter of 2023, wireless chipmaker Qualcomm announced it had earned an adjusted $2.15 a share on sales of $9.28 billion for the first fiscal and calendar quarter. Analysts polled by FactSet, a US financial data company, had expected earnings of $2.15 a share on sales of $9.09 billion. On a year-over-year basis, Qualcomm’s earnings declined 33%, while sales dropped 17%, mostly due to weakening smartphone sales.

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