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Qualcomm curbs spending as revenue forecast disappoints

07
Nov
2013

By Noel Randewich SAN FRANCISCO (Reuters) – Qualcomm Inc on Wednesday forecast revenue below expectations and said it would curb fast-growing operating expenses, stoking concerns the leading mobile chipmaker faces tough competition in Asia, and sending its stock down. San Diego-based Qualcomms components are used in smartphones made by Apple Inc and Samsung Electronics Co Inc and its patents pull in revenue from licensees across the cellphone industry. But with growth in the smartphone industry shifting away from wealthy markets such as the United States and toward China and other emerging economies, analysts have been concerned that less expensive phones could impact Qualcomms profitability. Qualcomm posted double-digit growth in the fiscal fourth quarter for the 13th consecutive time, but its revenue forecast suggests the companys explosive growth in recent years might be slowing as smaller competitors challenge it in Asia.

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