Qualcomm revenue forecast falls short as smartphone sales slump; shares slide

Qualcomm Inc’s forecast for holiday-quarter revenue fell about $2 billion short of Street estimates, as the chipmaker struggles with a slump in sales to smartphone customers, sending its shares down 7% in after-hours trading.

The company also projected a lower-than-expected profit for the quarter, and said it expected a low double-digit percentage decline in handset volumes this year, compared with its prior forecast of a mid-single-digit percentage drop.