Shares of (NASDAQ: QCOM), a leading semiconductor designer and manufacturer, were falling today after the company reported its third-quarter financial results. While the company's revenue and earnings weren't all that bad for the quarter, Qualcomm issued weak guidance for the third quarter and said slowing smartphone demand was hurting its business. 

The semiconductors stock was down by 6.5% as of 10:41 a.m. ET.

Qualcomm reported non-GAAP (adjusted) earnings per share of $2.15, which was down 33% from the year-ago quarter but matched analysts' consensus estimate for the quarter. The company's top line fell by 11% to $9.3 billion but was still higher than Wall Street's average estimate of $9.1 billion for the quarter.

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Source Fool.com