Earnings Results: Qualcomm stock sinks as weak smartphone demand pushes inventory drawdown out to ‘at least the next couple quarters’

Qualcomm Inc. shares fell in the extended session Wednesday after the chip maker said inventory issues will remain past June because of a downturn in handset demand and the company’s outlook disappointed.

After declining 2.8% to close the regular session $112.83, Qualcomm QCOM shares started sliding after the release of the company’s results at Wednesday’s close, and sank to a deficit of more than 7% after hours by the time the executives’ call with analysts ended.

On…