Phone sales will drop much more than expected in 2022, says Qualcomm

Chip-maker Qualcomm has announced that phone sales will be down much more than expected, in low double-digit, this year owing to the unpredictable global economic environment.

Announcing the fiscal fourth quarter results, Cristiano Amon, President and CEO of Qualcomm, said that “while our financial outlook is being temporarily impacted by elevated channel inventory, our diversification strategy and long-term opportunities remain unchanged”.

“Given the uncertainty caused by the macroeconomic environment, we are updating our guidance for calendar year 2022 3G/4G/5G handset volumes from a year-over-year mid-single-digit percentage decline, to a low double-digit percentage decline,” Qualcomm said in a statement late on Wednesday.