Qualcomm Gives Bullish Outlook on Strong Demand for Phones
- Shares rise as quarterly sales jump 52%, topping estimates
- Revenue gains limited by tight supply of chips, executives say
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Qualcomm Inc., the world’s largest smartphone chipmaker, gave a bullish forecast for the current quarter, buoyed by surging demand for 5G handsets. The stock rallied more than 5% in extended trading.
Revenue will be $7.1 billion to $7.9 billion in the period ending in June, the company said Wednesday in a statement. Profit, excluding certain items, will be $1.55 a share to $1.75 a share. On average, analysts predicted profit of $1.51 on revenue of $7.12 billion.