Qualcomm Tumbles After Forecast Missed Estimates

Qualcomm is facing a $2 billion revenue shortfall and has cut its smartphone production forecast due to a faster-than-expected market decline. The company is implementing a hiring freeze and may take further cost-cutting measures. Qualcomm attributes the slowdown to macroeconomic factors and COVID restrictions in China. Despite challenges, there are positive developments, such as Apple continuing to use Qualcomm's 5G modems. Qualcomm's fourth-quarter revenue and profit met expectations, and they foresee long-term opportunities despite current headwinds.

What factors contributed to Qualcomm's revenue forecast being $2 billion less than expected?

How is Qualcomm coping with the slowdown in the smartphone market?

What impact did the COVID restrictions in China have on Qualcomm's business?

What was the expected change in smartphone shipments according to Qualcomm's projections?

What positive news did Qualcomm receive regarding its relationship with Apple?