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Qualcomm profit forecast misses estimates as chip shipments drop

People walk past Qualcomm's stand during the Mobile World Congress in Barcelona, Spain in this February 24, 2016, file photo.

U.S. chipmaker Qualcomm Inc (QCOM.O) forecast third-quarter profit below analysts estimates as it expects to ship fewer chips, including those for smartphones, its biggest business.

The company's shares dropped 3 percent to $50.50 in after market trading on Wednesday, having earlier oscillated between slight gains and losses.

Qualcomm, whose customers include Apple Inc (AAPL.O) and Samsung Electronics Co Ltd (005930.KS), said it expects chip shipments to fall 13-22 percent to 175-195 million in the current quarter.

The company said it expects 3G and 4G device shipments increase to 8 percent at the midpoint in this quarter, lower than its previous estimate of about 10 percent growth.