Qualcomm Says China Phone Market Almost Back to Usual Levels
- Chipmaker projects revenue, profit in-line with estimates
- Spending on 5G rollout is steady in China, North America
Source: Qualcomm Inc.
Qualcomm Inc. gave a solid sales forecast for the current quarter and said demand is close to returning to normal levels in the biggest market for smartphones -- China.
Revenue will be $4.4 billion to $5.2 billion in the period ending in June, the San Diego-based company said Wednesday in a statement. Analysts, on average, estimated $4.77 billion, according to data compiled by Bloomberg. Profit, excluding some items, will be 60 cents to 80 cents a share, the company said.
“You’re going to see improvements coming out of June, if China is any model,” Chief Executive Officer Steve Mollenkopf said in an interview. In China, smartphone demand is “very close to the level it would be normally but the mix of 5G is better than we expected.”