Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for the second quarter of 2023.
At $9.5 billion, first-quarter revenues were down 12% from the prior-year quarter. Both the QCT and QTL segment revenues declined by double digits.
Net income was $2.24 billion or $1.98 per share during the three-month period, compared to $3.4 billion or $2.98 per share in the first quarter of 2022. Adjusted profit plunged to $2.37 per share from $3.23 per share.
Check this space to read management/analysts’ comments on Qualcomm’s Q1 results
“The long-term trends driving demand for our differentiated technologies and solutions that enable digital transformation are intact. We are confident in our ability to navigate the near term and remain focused on executing our diversification strategy,” said Qualcomm’s CEO Cristiano Amon.