Qualcomm stock drops 7% on weak earnings forecast as memory shortage weighs on smartphone sales

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Qualcomm reported quarterly results on Wednesday that topped Wall Street estimates, but the chipmaker's earnings forecast came in lighter than expected. The stock slid 7% in extended trading. Here's how the chipmaker did versus LSEG consensus estimates: For the current quarter, Qualcomm said it sees earnings per share of between $2.15 and $2.35 on revenue of $10.4 billion to $11.2 billion. Analysts expected earnings per share of $2.27 on revenue of $10.48 billion. Most of Qualcomm's chip sales come from system-on-chips and modems for smartphones. It's a market that's currently in turmoil as rising memory costs force handset makers to raise prices, hurting demand. Adjusted company revenue fell 7% during from a year earlier.