Qualcomm revenue tumbles as smartphone slowdown persists

Qualcomm's revenue and profit fell short of analyst estimates in the quarter due to weak smartphone demand.
The company's chip segment revenue declined 17% from a year earlier.
Qualcomm's licensing business also saw an 18% drop in revenue.
Qualcomm's CEO blamed challenging conditions and lack of evidence that smartphone sales are recovering in China.
Qualcomm hopes for a smartphone rebound in China but has yet to see meaningful improvement.