Qualcomm shares tank 9% in extended trading after guidance points to subdued phone market

There has been a consistent effort from Qualcomm to diversify its client base into cars, PCs and data centers, but these new avenues have not grown enough to offset the shortfall in its core business yet. By Hormaz Fatakia (Photo Credit : CNBC-TV18 Library ) Qualcomm Inc., which ranks among the biggest producers of smartphone processors, saw its stock fall over 9% in extended trading on Wall Street on Wednesday after its guidance for the ongoing quarter failed to enthuse the street. Qualcomm expects current quarter sales to be between $10.2 billion to $11 billion with an Earnings Per Share…