Qualcomm's stock plunges as sales decline, with a 9% drop in pre-market trading due to weaker-than-expected quarterly revenue and guidance. The company's handset chip sales decline 25% year-over-year, reflecting weak consumer spending on smartphones and slowing global economic growth. Qualcomm's estimated fourth-quarter revenue is below market expectations, prompting a 4.5% drop in extended trading. The company's CEO highlights its AI strategy as a potential driver of future growth, with plans to implement cost-saving measures next year.

Qualcomm's Sales Slump

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