If Wall Street had any doubts about the speed with which the chip industry’s boom has turned to bust, unexpectedly gloomy financial forecasts from companies like mobile chipmaker Qualcomm should have put them to rest.
“It’s kind of an unprecedented change over a short period of time,” Akash Palkhiwala, the company’s chief financial officer told analysts this month. “We went from a period of supply shortages to demand declines.”
Qualcomm has sliced 25 per cent from its revenue guidance for the current quarter as weaker consumer spending hit smartphone sales. The forecast came as some of the leading chipmakers issued surprisingly weak sales and profit projections and signalled a round of job cuts ahead.
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