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Qualcomm sees dull third quarter on weak chip demand for smartphones

Shares of the chip designer fell 4% in extended trading after it said its forecast was also a fallout of macroeconomic headwinds, weaker global handset units and channel inventory drawdown. The company said a larger-than-normal decline in its chip revenue forecast from the prior quarter was mainly due "to the timing of purchases by a modem-only handset customer".