Qualcomm Chip Sales Down 25 Percent, Plans Layoffs

Smartphone sales are down across the board, and that means component vendors like Qualcomm are also feeling the heat. From a report: The company's Q3 2023 earnings (Qualcomm's fiscal year is October-September) have handset chip sales down 25 percent year over year, with net income down 52 percent year over year. The company also issued lower-than-expected guidance for the next quarter, all causing the stock to drop around 8 percent in the aftermath of the call. Like most other tech companies, Qu