Mobile chip giant QUALCOMM, Inc. (NASDAQ: QCOM – $68.94) forecast current quarter revenue and profit below analysts’ expectations, saying the loss of a key customer and delays in product launches by some smartphone makers would hurt sales of its flagship Snapdragon chips. Earlier this year, longtime customer Samsung Electronics opted to use an internally developed processor for its new Galaxy S6 smartphone and notepad rather than QUALCOMMs latest Snapdragon mobile chip. The company also cut its full-year revenue and profit forecast for the second time, citing lower sales of Snapdragon chips. QCOM reported second quarter adjusted earnings of $1.40 per share compared to $1.31 last year and better than analysts’ consensus of $1.33. Revenue was $6.89 billion, ahead of expectations of $6.83 billion. However for the third quarter the company expects revenue of $5.4 to $6.2 billion, below the analyst view of $6.44 billion and earnings at $0.85 to $1.00 per share, vs. expectations of $1.13 per share. For the full fiscal year of 2015 ending September 30, the company expects revenue of $25 to $27 billion, below expectations of $27.1 billion and earnings per share in the $4.60 to $5.00 per share range, vs. expectations of $5.00. The shares are likely to tread water until more positives appear over the longer term. For now, I am holding the shares in the aggressive account, but it is indeed a stock to watch.