Qualcomm outlook weighed down by weak smartphone demand

Qualcomm Inc. gave a downbeat fourth-quarter sales forecast, indicating lingering weakness in smartphone demand while consumers wait for devices with the next generation of wireless technology.

Fiscal fourth-quarter revenue will be $4.3 billion to $5.1 billion, the San Diego-based company said Wednesday in a statement. That compares with an average of analysts’ estimates of $5.72 billion, according to data compiled by Bloomberg. The forecast projects a decline in sales of 12% to 26% from the period a year earlier.

Phone makers have largely given up on releasing new high-end phones based on current technology and consumers are delaying their purchases until the debut of fifth generation, or 5G, cellular services, Chief Executive Officer Steve Mollenkopf said.