Qualcomm Inc (NASDAQ:QCOM, ETR:QCI) shares slid on Thursday morning after a post-results rally abruptly ended on fears over the phone market’s recovery.
Shares had spiked after third-quarter results showed that revenue and per-share earnings came in ahead of expectations at $9.39 billion and $2.33 respectively.
However, warnings of muted sales growth ahead from the smartphone processor giant’s leadership team saw the stock retreat from gains to sit 5.6% lower on Thursday morning.
Chief executive Cristiano Amon suggested units would likely be “flattish” to up by a single digit over the full year in a conference call after the results release.
Chief financial officer Akash Palkhiwala added growth over the December quarter would likely be on par with a year earlier, at around 5% and below market expectations for a 9% uplift.
This comes after the firm reported a 12% increase in handset sales to $5.9 billion over the third quarter.
Shares were trading down at $170.75 on Thursday morning.