Qualcomm quarterly forecast underwhelms, but CEO says worst of memory crunch over

SAN FRANCISCO: Qualcomm forecast third-quarter revenue and adjusted profit below Wall Street expectations on Wednesday, as the chipmaker braces for a hit to demand stemming from a shortage of memory chips used in consumer electronics.

Shares of the company fell around 4% in extended trading.

But in an interview with Reuters, Qualcomm CEO Cristiano Amon said the company was confident that the smartphone market will start to rebound after its fiscal third quarter.