Qualcomm shares fall more than 9% in late trading after guidance

Qualcomm stock dropped more than 9% in extended trading after the fiscal first-quarter report, because the March-quarter outlook came in below Street forecasts. The company tied the shortfall to memory supply constraints that limit how many chips smartphone makers can buy. The decline was in after-hours trading, not a regular-session close.

• Shares down more than 9% in extended trading
• March-quarter revenue guide $10.2B to $11.0B versus $11.11B expected
• EPS guide $2.45 to $2.65 versus $2.89 expected
• Management cited memory supply constraints for handset customers