Qualcomm Soars After Results Ease Fears Over Chip Demand
- Handset business defies predictions of declining market
- Automotive and IoT divisions show big jumps in revenue
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Qualcomm Inc., the biggest maker of chips that run smartphones, surged as much as 8.8% on Thursday after giving a strong sales forecast for the current quarter, bolstered by its expansion into new markets.
Revenue will be $10.5 billion to $11.3 billion in the fiscal third quarter, Qualcomm said on Wednesday. That compares with an average analyst estimate of $9.97 billion. Profit will be $2.75 to $2.95 a share, well above the $2.60 average projection.