Qualcomm expects phone shipments to drop by 30 percent next quarter due to COVID-19

Qualcomm expects smartphone shipments to fall 30 percent in the comings months due to the coronavirus pandemic, the company said today, cutting its previous projections for the next quarter.

That’s in addition to the 21 percent reduction in demand for phones that the company noted in the past quarter, which it reported in an earnings release this afternoon. Qualcomm did still manage to beat its Q2 revenue expectations despite that drop in demand, with Q2 revenue of $5.2 billion (compared to the projected $5.02 billion), but net income was down dramatically, dropping 29 percent year-over-year to $468 million.

Qualcomm says there are three coronavirus-related factors that could impact sales in the coming months:

• How the COVID-19 virus,...

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