Skip to content

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
Video player cover image
Qualcomm CEO on Mobile Tech, Supply Chain, Chips Act
Updated on

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.