UPDATE 3-Qualcomm says China virus threatens phone industry disruptionReuters | Updated: 06-02-2020 04:29 IST | Created: 06-02-2020 04:04 IST
Qualcomm Inc raised concerns around the threat to the mobile phone industry's supply chain from the coronavirus outbreak in China, dragging down shares. On a conference call with investors, Chief Financial Officer Akash Palkhiwala said Qualcomm expects "significant uncertainty around the impact from the coronavirus on handset demand and supply chain."
Shares fell 3.3% in after-hours trade. The San Diego-based chip supplier forecast second-quarter revenue largely above Wall Street estimates on Wednesday, in the latest sign that a protracted slowdown in the global chip industry is easing.
Qualcomm is the world's biggest supplier of "modem" chips that connect mobile phones and other devices to wireless data networks.
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