On July 30, Qualcomm (QCOM.US) fell over 6% intraday, hitting a low of $146. According to reports, the company's third fiscal quarter revenue decreased 4% YoY to $9.95 billion, while net profit plummeted 25% YoY to $2 billion. The core pressure came from memory chip prices surging about 300% YoY, with mobile chip revenue sharply declining 20% to $5.1 billion. Looking ahead to the fourth fiscal quarter, the company expects revenue between $9.7 billion and $10.5 billion, with adjusted earnings per share between $2.05 and $2.25, below analysts' expectations of $2.36 to $2.38.
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Qualcomm Falls Over 6% as Q3 Net Profit Drops 25% YoY, Mobile Chip Business Under Pressure
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