Qualcomm slumps after weak Q2 forecast

Shares of Qualcomm QCOM.O fall 11.1% to $132.39 premarket after the chip supplier forecasts Q2 revenue and profit below Wall Street estimates

Cites a global memory supply shortage hitting mobile phone sales

Expects Q2 rev between $10.2 bln and $11 bln, vs analyst est. of $11.12 bln; expects adj EPS of $2.45-$2.65, below est. of $2.89

CEO Cristiano Amon says forecast miss is entirely due to the memory chip shortage, with smartphone makers, especially in China, reducing inventory to adjust to memory supply constraints

18 analysts rate stock "buy" or higher, 20 rate it "hold", one "sell"; median PT at $180 - data compiled by LSEG

As of last close, QCOM stock down ~13% YTD