Qualcomm forecast beats estimates as AI drives chip sales in China

News Snapshot:

By Stephen Nellis and Arsheeya Bajwa May 1 (Reuters) - Qualcomm on Wednesday forecast quarterly sales and adjusted profit above Wall Street expectations, driven by selling more and pricier chips into Android smartphones with artificial-intelligence features. After a smartphone slump last year, Qualcomm said that China's Android market - which has become critical to the company - has started to pick up, with consumers there shifting toward purchasing higher-priced devices that can accommodate AI chatbots. Qualcomm shares were up 4% in after-hours trading. The company said its sales to Chinese smartphone makers have grown 40% in the first half of...