The company already saw an 18% drop in the past quarter.
On Q1 2023 earnings call, Qualcomm said it sees "broadening demand weakness across handsets and IoT products" and expects people to buy fewer phones in the first half of 2023.
As pointed out by The Verge, the company already saw an 18% drop in phone sales in the past quarter, which is the "largest-ever decline in a single quarter" for phones in general. Qualcomm believes the situation "might normalize in the second half of the calendar year."
Despite lower demand, Qualcomm doesn’t think that phone manufacturers will wait to announce new phones, the market will see a "drawdown of channel inventory", where companies produce fewer devices.
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