Semiconductor giant QUALCOMM Incorporated (QCOM) recently reported better-than-expected fiscal 2022 results. However, the company lowered its outlook for its fiscal first quarter of 2023.
The company said, “The rapid deterioration in demand and easing of supply constraints across the semiconductor industry have resulted in elevated channel inventory.” It added, “Due to these elevated levels, our largest customers are now drawing down on their inventory, negatively impacting the mid-point of our EPS guidance for the first quarter of fiscal 2023 by approximately $0.80.”
