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Qualcomm (QCOM) CEO Says Cell Phone Upgrades Are Slowing--Other Cell Phone Stocks Fall
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Qualcomm (Nasdaq: QCOM) CEO Paul Jacobs told CNBC earlier today that Qualcomm is seeing some signs that customers are upgrading their cell phones at a slower pace. That one remark has sent Qualcomm's shares down just over 3%.
Additionally, Motorola (NYSE: MOT), Nokia Corp (NYSE: NOK), Research In Motion (Nasdaq: RIMM) and chipmakers Broadcom (Nasdaq: BRCM) and Texas Instruments (NYSE: TXN) all have fallen on that news.
Jacobs said, "We're seeing some evidence there's a lengthening of replacement cycles." He also said in developed markets like South Korea and Japan customers appear to be holding onto their phones longer.
Investors are worried if demand is weak now and continues to be weak when the holidays approach then cell phone companies could be left with a lot of phones in inventory.
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