Qualcomm announced its financial results for the January to March 2023 quarter, with a revenue of 9.275 billion dollars, a 17% decrease from the same period last year.
The sales of its main smartphone semiconductors also decreased by 17%, which was affected by the global slowdown of the smartphone market.
The net profit was 174 million dollars, a 42% decrease. The stock price dropped by more than 6% in the after-hours trading on the third day.
According to the survey by the American research company IDC, the global smartphone shipments decreased by 14.6% in the January to March 2023 quarter, with almost a 12% decline in the Chinese market.
The sluggish demand continued despite the end of “zero coronavirus” policies that aimed to control the spread of the new coronavirus.
