Qualcomm's great vanishing act: $2.48B of Q3 profit disappears
That long feted turnaround in the smartphone market isn't happening anytime soon judging by the latest financial results reported by handset CPU giant Qualcomm – profits plunged by almost 60 percent and more job cuts are looming.
Handset chips accounted for $5.255 billion of Qualcomm's quarterly revenue haul, down 25 percent, IoT was down 24 percent to $1.485 billion, and Automotive was up 13 percent to $434 million. The company booked in restructuring charges of $285 million in the previous quarter, largely due to lay-off payments.The company estimates that phone CPU inventory – a cost – will be"down at least a high digit percentage" relative to last year"reflecting the macro environment," a"slower recovery in China," and bets on holiday season growth.
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