Qualcomm's 1Q profit plunges 56% - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Qualcomm's 1Q profit plunges 56%

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SAN DIEGO (AP) - Chip maker Qualcomm says its fiscal first-quarter income plunged 56%, as it slashed its forecasts for revenue and operating income.

The company says the global economic slowdown and financial crisis has slowed demand for its chips that run many of the world's mobile phones. It says its financial investments have also taken a significant hit.

The San Diego-based company lowered its estimate for 2009 operating income to a range between $2.2 billion and $2.5 billion, from a range between $2.6 billion and $2.8 billion.

It now expects 2009 revenue between $9.3 billion and $9.8 billion, down from its previous estimate of between $10.2 billion and $10.8 billion, and below an estimate of $10.23 billion among analysts polled by Thomson Reuters.

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