Qualcomm slumps as weak smartphone chip sales overshadow data-center momentum

Qualcomm shares dropped about 9% in premarket trading ​on Thursday after smartphone chip ​sales missed Wall Street estimates, raising ‌concerns that ​weakness in its core handset business could offset gains from newer growth areas such as data-center chips.

If premarket losses ‌hold, Qualcomm is on track to shed about $17.5 billion in market value.