Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) reported lower earnings and revenues for the second quarter of 2023. The company also provided guidance for the third quarter.
At $9.28 billion, second-quarter revenues were down 17% from the prior-year quarter. Both the QCT and QTL segment revenues declined by double digits.
Net income was $1.70 billion or $1.52 per share during the three-month period, compared to $2.93 billion or $2.57 per share in the second quarter of 2022. Adjusted profit plunged to $2.15 per share from $3.23 per share.
“As we navigate this challenging environment, we remain focused on the critical factors we can control to emerge stronger from this downturn – our leading technology roadmap, best-in-class product portfolio, strong customer relationships, and operational efficiencies,” said Qualcomm’s CEO Cristiano Amon.