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How Scott Bessent used financial engineering to finance the $2 trillion deficit while leaving it untouched—and created a $1.45 trillion shortfall

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TechQualcomm

Qualcomm Stock Nosedives To Lowest Point In Years

Robert Hackett
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Robert Hackett
Robert Hackett
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Robert Hackett
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Robert Hackett
Robert Hackett
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November 5, 2015, 3:39 PM ET
Courtesy of Qualcomm
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Qualcomm is having its worst day in years.

The chipmaker’s shares tumbled to their lowest price point in more than four years on Thursday, after the company held a disappointing fourth quarter earnings call the day before.

The company’s stock was trading at roughly $50 per share on Thursday afternoon, a low it hasn’t hit since its share price sunk to $48.63 in Sept. 2011. By afternoon, the stock was down roughly 17%.

Qualcomm (QCOM), based in San Diego, Calif., reported on Wednesday that its earnings fell to $1.1 billion from $1.9 billion a year ago. The chipmaker also forecast earnings per share of $0.80 to $0.90 for its current quarter ending in Dec., well below the $1.08 estimated by analysts in a Thomson Reuters poll.

The company says it is struggling to get Chinese customers to pay for licensing patents. It also recently underwent an activist investor-led corporate restructuring.

The nosedive has made Qualcomm one of the worst performing stocks in the S&P 500 on Thursday.

Subscribe to Fortune’s daily business-tech newsletter Data Sheet.

Read more about Qualcomm’s struggles here, or watch this video below.

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