QUALCOMM (NASDAQ:QCOM) delivered better-than-expected second-quarter results, but a tepid forecast for the current quarter overshadowed the beat, sending shares down over 8% intra-day today.

The chipmaker reported earnings of $2.85 per share, topping analyst estimates of $2.80. Revenue came in at $10.84 billion, ahead of the $10.55 billion consensus, reflecting continued strength in its core business.

Despite the solid results, the company’s guidance for the third quarter disappointed investors. Qualcomm expects revenue between $9.9 billion and $10.7 billion, with the midpoint falling short of the $10.33 billion average forecast. The projected EPS range of $2.60 to $2.80 also implies limited upside, with the midpoint only slightly above the Street’s $2.66 estimate.

CEO Cristiano Amon emphasized the company’s focus on controllable factors amid macroeconomic and trade uncertainties. Still, the softer outlook weighed on sentiment, suggesting that near-term demand may face headwinds in key markets.

While the company remains operationally sound, Qualcomm’s guidance signals a more cautious approach to the second half of the year, prompting a wave of investor profit-taking.