Qualcomm amplifies chip gloom with ‘sobering report’
Qualcomm Inc's shares sank 7% on Thursday after the chip designer signalled it would take longer for its crucial smartphone market to rebound from a post-pandemic slump. The company, which supplies to top handset makers Apple Inc and Samsung Electronics, was set to lose about $10 billion in market valuation, if the losses hold. Qualcomm's quarterly revenue outlook marked the second time a chip firm underwhelmed Wall Street this week. Advanced Micro Devices slumped more than 9% on Wednesday after a dour forecast. "While we…