Qualcomm earnings plummet amid continued smartphone slump

US chip maker Qualcomm warned of impending job cuts as weak demand led to steep declines in both revenue and profits.
Sales totalled $8.45 billion during the three months to 25 June, down 23% on last year. In an SEC filing on Wednesday, Qualcomm said revenues were negatively impacted by macroeconomic weakness, which in turn weakened consumer demand for new smartphones and other Qualcomm-equipped devices.
A related and compounding issue for Qualcomm is that OEMs are sitting on higher-than-normal