Qualcomm forecast beats estimates as AI revives smartphone market

News Snapshot:

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. Shares were up 3% after the results in volatile after-hours trading. 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...