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Chipmaker Qualcomm, Inc. (NASDAQ: QCOM ) has reported lower revenue and profit for the first quarter of 2023. The company also provided guidance for the second quarter of 2023.
At $9.5 billion, first-quarter revenue was down 12% from the year-ago quarter. QCT and QTL segment revenues fell twice.
Net income was $2.24 billion or $1.98 per share for the three-month period, compared to $3.4 billion or $2.98 per share in the first quarter of 2022. Adjusted profit fell to $2.37 per share from $3.23 per share.
Check out this space to read management/analyst commentary on Qualcomm’s Q1 results
“Long-term trends lead to the demand for different technologies and solutions that allow the digital transformation to remain intact. We are confident in our ability to navigate in the near term and remain focused on implementing our diversification strategy,” said Qualcomm CEO, Cristiano Amon.
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