Qualcomm forecast beats estimates as AI revives smartphone market

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Islanders flock to Charlottetown Flea Market for affordable finds amid rising costs | SaltWire - 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.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 company faces competitive pressure from China's Huawei Technologies Co, which last year introduced a domestically made smartphone chip, and Taiwanese rival MediaTek, which last week said it expects rising sales this year as it gains market share among the premium-priced Android handsets. For the fiscal second quarter ended March 24, Qualcomm's sales and adjusted profit were $9.39 billion and $2.44 per share, respectively, above analyst expectations of $9.34 billion and $2.32, according to LSEG data.

 

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