REUTERS/Dado Ruvic/IllustrationAug 2 (Reuters) - Qualcomm (QCOM.O) forecast fourth-quarter sales below market expectations on Wednesday and said it would likely cut jobs as consumer spending on gadgets like smartphones remained stubbornly weak amid slowing global economic growth.
The company estimated fourth-quarter revenue of $8.1 billion to $8.9 billion, while analysts polled by Refinitiv expected $8.70 billion.
Qualcomm forecast a fourth-quarter adjusted earnings range with a midpoint of $1.90, in line with analysts' consensus estimate of $1.91 per share according to Refinitiv data.
It forecast adjusted fourth-quarter earnings per share of $1.80 and $2, compared to estimates of $1.91.
The automotive sector was a bright spot as Qualcomm seeks to diversify beyond smartphone chips.
Persons:
Dado Ruvic, Akash Palkhiwala, Palkhiwala, Refinitiv, Cristiano Amon, MediaTek, Apple, Bob Bruggeworth, NXP, Amon, Kinngai Chan, Chavi Mehta, Cherney, Stephen Nellis, Arun Koyyur, Richard Chang
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