Qualcomm Inc. shares fell in the extended session Wednesday after the chip maker said inventory issues will remain past June because of a downturn in handset demand and the company’s outlook disappointed.

After declining 2.8% to close the regular session $112.83, Qualcomm QCOM shares started sliding after the release of the company’s results at Wednesday’s close, and sank to a deficit of more than 7% after hours by the time the executives’ call with analysts ended.

On...