Qualcomm's quarterly revenue growth dwindles, shares fall

SAN FRANCISCO: Qualcomm Inc on Wednesday posted its smallest quarterly revenue increase since 2010 as it wrestles with a smartphone market that is losing steam and shifting to China, sending its shares lower.

With expansion in the smartphone industry moving away from wealthy markets such as the US and towards China and other developing countries, where consumers favour less expensive devices, Qualcomm's once impressive revenue growth is tapering off and it is focusing on costs to preserve its profitability.