Qualcomm (NASDAQ:QCOM) shares fell more than 7% today following the company’s reported Q4 results, with EPS of $3.13 coming in worse than the Street estimate of $3.15. Revenue was $11.39 billion, compared to the Street estimate of $11.35 billion.

The company’s Q1 guidance was shockingly weak driven by a combination of weakening macro demand, continued China covid lockdowns and the resulting OEM/channel inventory digestion. Q1 EPS is expected to be in the range of $2.25-$2.45, compared to the Street estimate of $3.42. Revenue is expected to be in the range of $9.2-10 billion, compared to the Street estimate of $12 billion.