Is the smartphone fad dying?

Qualcomm yesterday (April 22) predicted weaker-than-expected revenue and earnings for its third quarter. The chip-maker said its third quarter net income will be 67 cents to 82 cents a share on sales of $5.4 billion to $6.2 billion

Analysts had been expecting 99 cents a share earnings on sales of $6.46 billion, according to Bloomberg News. This was a big disappointment for Wall Street, and at 7 p.m. , Qualcomm, which sharply lowered its forecast for its business the rest of this year, was down 3 percent to $66.87.

For the full year, Qualcomm predicted revenues would come in at $25 billion to $27 billion. Earlier, it had forecast $26.3 billion to $28 billion.

For the second quarter, earnings per share plunged 46 percent to 63 cents, but beat analysts' expectations.