Qualcomm forecast beats estimates as AI revives smartphone market

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.

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. Qualcomm is hoping to benefit from consumer demand to upgrade devices to run AI chatbots directly on the device rather than going over to a data centre.

In Qualcomm’s chip segment, the company forecast fiscal third-quarter sales with a midpoint of $7.8 billion, compared with analyst estimates of $7.74 billion, according to LSEG data.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Qualcomm forecast beats estimates as AI revives smartphone marketExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

Fed rate decision, Qualcomm, Etsy, Zillow report: Yahoo FinanceThe Federal Reserve Open Market Committee is announcing its latest decision on interest rates. The central bank is widely expected to stay on pause, but...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Fed rate decision, Qualcomm earnings: What to WatchMarket Domination Overtime anchors Julie Hyman and Josh Lipton preview the top headlines for investors for tomorrow, Wednesday, May 1, 2024. Federal Reserve ...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Qualcomm is coming for Intel’s biggest market: PCsQualcomm is debuted its Snapdragon Elite Plus chip Wednesday, as the company aims to take on Intel and AMD in the laptop market.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »