Qualcomm's stock price plummeted in after-hours trading, after the company gave a lackluster profit forecast, showing that the world's largest smartphone processor manufacturer is still struggling to cope with rising component prices. Earnings per share are expected to be $2.15-2.35 for the three months ending December, the company said in a statement on Wednesday. The data showed that the midpoint of this forecast range was lower than the analysts' average estimate of $2.32. When issuing the forecast, Qualcomm mentioned an “overall rise” in parts and manufacturing costs. Like many chipmakers, the company is facing rising costs due to shortcomings in its supply chain and a shortage of memory chips — due in large part to a surge in demand for data center equipment. To deal with this predicament, Qualcomm is raising the prices of its products. The bleak earnings per share forecast overshadowed strong quarterly revenue forecasts boosted by entering new markets. Qualcomm said that revenue for the quarter is expected to be 10.4 billion to 112 billion US dollars, and analysts' estimates are 10.55 billion US dollars. After the announcement of the above news, Qualcomm's stock price fell about 7% in after-hours trading. By the close, the stock had a cumulative increase of 1.3% this year.

Qualcomm's stock price plummeted in after-hours trading, after the company gave a lackluster profit forecast, showing that the world's largest smartphone processor manufacturer is still struggling to cope with rising component prices. Earnings per share are expected to be $2.15-2.35 for the three months ending December, the company said in a statement on Wednesday. The data showed that the midpoint of this forecast range was lower than the analysts' average estimate of $2.32. When issuing the forecast, Qualcomm mentioned an “overall rise” in parts and manufacturing costs. Like many chipmakers, the company is facing rising costs due to shortcomings in its supply chain and a shortage of memory chips — due in large part to a surge in demand for data center equipment. To deal with this predicament, Qualcomm is raising the prices of its products. The bleak earnings per share forecast overshadowed strong quarterly revenue forecasts boosted by entering new markets. Qualcomm said that revenue for the quarter is expected to be 10.4 billion to 112 billion US dollars, and analysts' estimates are 10.55 billion US dollars. After the announcement of the above news, Qualcomm's stock price fell about 7% in after-hours trading. By the close, the stock had a cumulative increase of 1.3% this year.