Shares of the chip designer fell 4% in extended trading after it said its forecast was also a fallout of macroeconomic headwinds, weaker global handset units and channel inventory drawdown. The smartphones market was one of the first to be hit by declining demand after high inflation curbed consumer spending on discretionary goods like electronics, resulting in vendors slashing new chip orders. Easing COVID-19 curbs in China have also not significantly boosted demand, with Apple and its Android rivals seeing sales slide in the first quarter in the world's second largest economy.