Qualcomm Gives Solid Outlook in Sign of Smartphone Recovery [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
Most Read from Bloomberg Revenue in the three-month period ended in June will be $8.8 billion to $9.6 billion, the company said in a statement Wednesday. Excluding certain items, earnings will be $2.15 to $2.35 a share. Analysts had projected sales of $9.08 billion and profit of $2.16 a share. ADVERTISEMENT The outlook signals that demand has begun to bounce back after a two-year slump. Qualcomm has said that it expects a gradual recovery for smartphones in 2024. The shares rose about 5% in extended trading following the announcement. They had earlier closed at $164.03 in New York trading, a gain of 13% this year. Over the longer term, Chief Executive Officer Cristiano Amon has been trying to decrease reliance on phone chips by pushing into personal computers, vehicles and other markets. But Qualcomm remains heavily dependent on demand for handsets, particularly in China. In the second quarter, which ended March 24, profit was $2.44 a share, excluding some items. Revenue
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