Qualcomm forecasts weak quarterly profit, expects Apple revenue drop to accelerate

Qualcomm forecast fourth-quarter profit below estimates and said revenue from Apple products would decline faster than expected, but signaled that growth in data-center and other non-handset businesses would more than make up for the lost revenue by fiscal 2027.

Shares of the company were down more than 4% in extended trading on Wednesday, while Apple shares were flat.

Qualcomm said supply constraints would reduce its share of components used in the next iPhone launch to well below its earlier estimate of 20%.