Qualcomm on Wednesday forecast third-quarter revenue just shy of Wall Street estimates, expecting tepid demand for its smartphone chips as the CEO expressed concern about the macroeconomic environment and global trade.

Qualcomm shares are falling in premarket trading Thursday, a day after the chipmaker's soft current-quarter revenue outlook outweighed better-than-expected fiscal second-quarter results.

All together, Qualcomm’s business selling chips, called QCT, rose 18% on an annual basis to $9.47 billion in revenue during the quarter.