Qualcomm Expects Lower Chip Sales in Korea

Qualcomm Inc., which developed mobile-phone technology used by 57 million people worldwide, said sales of its chips could decline next quarter because of lower demand in South Korea, its largest market. Qualcomm Treasurer Dick Grannis said the company will ship more than 14.5 million phone chips in the third quarter ending this month. That could drop by 1 million or 2 million units in the fourth quarter ending in September, he said. Qualcomm makes a quarter of its phone-chip sales in South Korea. The Korean government banned the country’s five phone service providers from discounting handsets to attract new subscribers as of June 1. Shares of San Diego-based Qualcomm fell 13 cents to close at $63.56 on Nasdaq.