Qualcomm profits down due to worsening economic conditions

Qualcomm profits down due to worsening economic conditions

Qualcomm has come out with their latest revenue report.

The company has posted disappointing results.

Qualcomm profits in the most recent quarter were down 22 percent.

Revenues were however up 45 percent.

The company gained from a recent deal signed with Nokia which is the largest mobile phone maker in the world.

Qualcomm reported that it earned $878 million, or 52 cents per share in the quarter.

This is down from profits of $1.13 billion, or 67 cents per share in the same period last year.