Shares of Qualcomm (NASDAQ: QCOM) tumbled in extended trading on Wednesday after the company posted earnings for its latest quarter, missing earnings expectations.

The semiconductor company posted fiscal Q4 earnings of $3.13 per share, $0.02 worse than the analyst estimate of $3.15, with revenue for the quarter coming in at $11.39 billion versus the consensus estimate of $11.35 billion.

Qualcomm shares are currently down over 8% after-hours, following a 4% decline in the regular session.

"We are pleased to report another strong year, despite the macroeconomic challenges, as we continue to execute our strategy of transforming Qualcomm from a wireless communications company for the mobile industry to a connected processor company for the intelligent edge," said Cristiano Amon, President and CEO of Qualcomm Incorporated.

The company's guidance also missed forecasts, with Qualcomm expecting fiscal Q1 2023 earnings of $2.25 to $2.45 per share, versus the consensus of $3.42, while revenue for the period is seen between $9.2 billion and $10 billion, versus the consensus of $12 billion.

The company said its financial outlook is being temporarily impacted by elevated channel inventory and it projects 3G/4G/5G handset volumes in calendar 2022 to decline by low-double digits year-over-year.

"As we communicated at our last earnings call, we had started to see a deceleration in demand in mass tier handsets and consumer IoT. Since then, the further deterioration of the macroeconomic environment and sustained COVID restrictions in China have led to broad-based demand weakening across tiers and regions," the company stated.

However, for Apple product revenues, Qualcomm now expects to have the vast majority of share of 5G modems for the 2023 iPhone launch, up from its previous 20% assumption.

By Sam Boughedda