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Qualcomm stock drops 5% on weak earnings forecast as memory shortage weighs on smartphone sales

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Qualcomm reported quarterly results on Wednesday that topped Wall Street estimates, but the chipmaker's earnings came in lighter than expected. The stock slid in extended trading.

Here's how the chipmaker did versus LSEG consensus estimates:

For the current quarter, Qualcomm said it sees earnings per share of between $2.15 and $2.35 on revenue of $10.4 billion to $11.2 billion. Analysts expected earnings per share of $2.27 on revenue of $10.48 billion.

Most of Qualcomm's chip sales come from system-on-chips and modems for smartphones. It's a market that's currently in turmoil as rising memory costs force handset makers to raise prices, hurting demand.

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