Qualcomm stock sinks as memory shortage drags on forecast

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Qualcomm

reported fiscal first-quarter earnings on Wednesday that beat expectations, but the company’s forecast came up short because of the global memory shortage. The shares tumbled as much as 10% in extended trading.

Here’s how the chipmaker did versus LSEG consensus estimates:

In the current quarter, Qualcomm said it expects adjusted earnings per share between $2.45 and $2.65 on revenue of $10.2 billion to $11 billion. Analysts polled by LSEG were expecting $11.11 billion in sales and earnings of $2.89 per share.