- Qualcomm rose nearly 6% on Thursday as its strong first-quarter forecasts signaled that the two-year-long slump in the smartphone market was easing, led by a recovery in China.
After four quarters of decline in its mainstay smartphone business, Qualcomm is starting to see an end to the inventory pile-up in the Android business, with fresh orders coming in for its chips. "While management ... still anticipate a less-than-normal seasonal uptick in December quarter, the guidance was better than anticipated with signs of inventory improving ahead of last quarter's expectations," Canaccord Genuity analysts said.
CEO Cristiano Amon said Qualcomm expects to retain a"majority share" of the chips in Samsung's forthcoming S24 line of phones and does not expect Huawei's re-entry into the market to affect its relationship with Chinese smartphone companies.