Investing.com -- Qualcomm on Wednesday reported underwhelming guidance for the current quarter after delivering mixed Q3 results as revenue fell short of estimates amid a softer smartphone demand.
Qualcomm Incorporated (NASDAQ:QCOM) shares fell more than 3% in after-hours trade following the report.
The chipmaker reported adjusted EPS of $1.87 on revenue of $8.44 billion. Analysts polled by Investing.com anticipated EPS of $1.81 on revenue of $8.51B.
For the fiscal fourth quarter, the company guided EPS in the range of $1.80 to $2.00 on revenue of between $8.1B to $8.9B. That compared with Wall Street estimates for EPS of $1.94 on revenue of $8.77B.
"The midpoint of our fourth quarter fiscal 2023 guidance includes the continued impact of the macroeconomic headwinds, weaker global handset units and channel inventory drawdown," the company said.