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Oracle Corp’s (NYSE: ORCL)...

Oracle Corp (NYSE: ORCL) falls down to its knees, share dropped over 12.15%...

RTX Corp (NYSE: RTX)...

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03...

GameStop Corp. (NYSE:GME) Quarter...

GameStop Corp. (NYSE: GME) to announce its second quarter fiscal 2023 results after...

Advanced Micro Devices (NASDAQ:AMD)...

Shares of Advanced Micro Devices (NASDAQ:AMD) drops 0.38% in afterhours in last trading...
HomeTech InsidesQualcomm Inc. (NASDAQ:QCOM)...

Qualcomm Inc. (NASDAQ:QCOM) In Middle of Decision to Focus Efforts on Automotive-Chip Industry

Qualcomm Inc.’s (NASDAQ:QCOM) shares moved down over 1.62% in pre trading session on Thursday as the Akash Palkhiwala, the company’s finance head, is debating how much to dedicate to the company’s growing automotive-chip industry as consumer demand for smartphones, a significant revenue source for the company, continues to slow.

In recent quarters, the San Diego-based firm (best known for its smartphone processors) has worked to diversify its business by selling chips for automobiles and internet-connected devices. The approach was implemented by the CEO.

Cristiano Amon projected in November that customer demand for cellphones would plummet in recent months due to rising inflation and financial uncertainty. In July, Qualcomm reduced its forecast for smartphone shipments this year and issued a cautious outlook for gross sales.

Late last week, the company stated that it expected its automotive revenue to hit $4 billion in 2026 and $9 billion in 2031, up from $3.5 billion and $8 billion, respectively, in November. The company predicted $1.3 billion in vehicle income for the fiscal year ending Sunday, up 33% from the previous year.

Automotive revenue, which the company began reporting in 2020, accounts for a tiny but growing portion of total revenue, accounting for 3.2% for the quarter ended June 26, compared to 56.2% for handsets. Qualcomm announced $10.9 billion in earnings for the fiscal quarter ending June 26, up 35.7% from the previous year. Its web sales were $3.73 billion for the quarter, an increase of 84% over the prior-year period.

Mr. Palkhiwala mentioned, including he’s concerned in these selections, “The challenge for us in the automotive business is, how do we get the right mix of where we invest and how much do we invest.

In April, Qualcomm doubled down on its automotive chip efforts by purchasing Swedish auto-technology business Veoneer Inc. for $4.5 billion, together with its autonomous driving software division Arriver. The company declined to say how much it has invested or expects to invest in the automotive industry in general, but it did say it plans to spend roughly $200 million per year on Arriver.

Oracle Corp’s (NYSE: ORCL) Cloud Business Faces Headwinds: What Lies Ahead

Oracle Corp (NYSE: ORCL) falls down to its knees, share dropped over 12.15% or $15.21 to trade at $111.50 in pre trading session on...

RTX Corp (NYSE: RTX) Updates 2023-2025 Outlook amid Engine Part Challenge

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03 per share, bringing its current trading price to $77.45. The company,...

GameStop Corp. (NYSE:GME) Quarter Report: Resilience amidst Market Turbulence

GameStop Corp. (NYSE: GME) to announce its second quarter fiscal 2023 results after the market closes today. Shares were slightly down in the pre-trading...

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C3.ai Inc. (NYSE: AI) Short Seller Accuses Company of ‘Highly Aggressive Accounting’

Shares of C3.ai Inc. (NYSE: AI) inches down in pre trading session on Thursday as Kerrisdale Capital, a short seller, claimed that the business software firm has "severe accounting and transparency concerns." In a letter to Deloitte & Touche LLP,...

Walmart Inc. (NYSE: WMT) Aims to Cut 2,000 Workers at Five US E-Commerce Facilities

Walmart Inc. (NYSE: WMT) inches down in early trading session on Tuesday as the company would eliminate more than 2,000 workers at five US e-commerce facilities, as per Bloomberg. According to the report, which used regulatory filings, the layoffs...

BlackBerry Limited (NYSE: BB) Declares $900M Patent Sale to Malikie Innovations

BlackBerry Limited (NYSE: BB) drops around 2% in pre session on Monday as the business recently announced a new patent sale agreement for up to $900 million with Malikie Innovations Ltd, a division of the industry's top patent monetization...

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