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Qualcomm Slumps After Apple Move to New iPhone Chips Trims Revenue Guidance

Martin Baccardax

Qualcomm posted a loss of 35 cents a share for the three months ending in September, its fiscal fourth quarter, and said a one-time tax boost would help end-December earnings rise to as high as $1.15 per share on sales of between $4.5 billion and $5.3 billion. Both figures, however, missed analysts' forecasts, and the company Apple's move towards Intel chips would hit both its top and bottom line and Qualcomm didn't update its existing full-year earnings guidance. "The combined impact of Apple instructing their contract manufacturers to stop paying their contracted royalty payments and Apple's decision to use a competitor's modem for their latest device has had a significant impact to our financial performance," CEO Steven Mollenkopf told investors on a conference call late Wednesday.