Qualcomm’s stock slides as memory market weakness drags down quarterly earnings

Qualcomm’s stock declined after the chipmaker reported earnings that fell short of profit expectations. Weakness in the memory market contributed to the disappointing results. The company’s bottom line missed analyst forecasts for the latest quarter. Revenue growth slowed amid a broader downturn in semiconductor demand. Qualcomm faces ongoing challenges in its core mobile chip business. Investors reacted negatively to the earnings miss. The stock dropped in after-hours trading following the release.