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Qualcomm says China virus threatens phone industry disruption – Source Reuters Tech News

(Reuters) – Chip maker Qualcomm Inc (QCOM.O) said on Wednesday that the coronavirus outbreak in China poses a potential threat to the mobile phone industry, with a possible impact on manufacturing and sales.

FILE PHOTO – A Qualcomm sign is seen at the second China International Import Expo (CIIE) in Shanghai, China November 6, 2019. REUTERS/Aly Song

The comments by Qualcomm, the world’s biggest supplier of “modem” chips that connect mobile phones and other devices to wireless data networks, dragged down chip stock shares despite signs that an industry downturn was ending.

Qualcomm’s chief financial officer, Akash Palkhiwala, on a conference call with investors following the release of quarterly results, said the company expects “significant uncertainty around the impact from the coronavirus on handset demand and supply chain.”

Qualcomm shares fell as much as 3.75% in after-hours trade.

The San Diego-based chip supplier forecast revenue for its fiscal second quarter…

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Source Reuters Tech News

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