Qualcomm forecast beats estimates as AI revives smartphone market [Reuters]
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Source: Reuters
May 1 (Reuters) - Qualcomm on Wednesday forecast fiscal third-quarter sales and adjusted profit above Wall Street expectations, driven by a faster-than-expected recovery in smartphone markets thanks to artificial-intelligence features. Qualcomm forecast third-quarter sales and adjusted profit with midpoints of $9.2 billion and $2.25 per share, beating analyst estimates of $9.05 billion and $2.17 per share, according to LSEG data. Report this ad Shares were up 3% after the results in volatile after-hours trading. San Diego, California-based Qualcomm is the world's biggest supplier of chips for smartphones and counts both Apple and Samsung as customers. The company's sales declined sharply last year following a boom during the pandemic. The drop was felt especially in the Android phone market where Qualcomm draws most of its business. The company faces competitive pressure from China's Huawei Technologies Co (HWT.UL), which last year introduced a domestically made smartphone
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