Cristiano Amon, president and CEO of Qualcomm, speaks during the Milken Institute Global Conference on May 2, 2022, in Beverly Hills, Calif.Patrick T. Fallon | AFP | Getty ImagesQualcomm reported second-quarter earnings on Wednesday that were in line with analyst expectations, but sales from handset chips, a core business for the company, declined 17% from a year earlier.Qualcomm shares fell over 4% in extended trading.related investing newsHere’s how the chipmaker did versus Refinitiv consensus estimates:EPS: $2.15 per share adjusted vs. $2.15 per share expectedRevenue: $9.28 billion vs. $9.1 billion expectedNet income during the quarter ended in March fell 42% to $1.70 billion, or $1.52 per share, from $2.93 billion, or $2.57 per share, in the year-earlier period, the company said.Qualcomm said it expected around $8.5 billion in sales in the current quarter, short of Wall Street expectations of $9.14 billion. Analysts were expecting current-quarter earnings guidance of $2.16 per share, but the company said it would be around $1.80. Qualcomm CEO Cristiano Amon in a statement blamed the results on a challenging environment, and the company said it had not seen evidence that smartphone sales are recovering in China. The smartphone market is looking at a tough 2023, with shipments for the global market declining over 14% in the first quarter, according to IDC.”The evolving macroeconomic backdrop has resulted in further demand deterioration, particularly in handsets, at a magnitude greater than we previously forecasted,” Amon said on a call with analysts.Total revenue declined 17% to $9.28 billion from the year-earlier quarter, t …
