Qualcomm Gains After Upbeat Forecast Signals Smartphone Slump Is Easing
- Shares rose as much as 7.4% Thursday after report was released
- Forecast offers hopes that smartphone market will rebound
Qualcomm headquarters in San Diego, California.
Photographer: Ariana Drehsler/BloombergThis article is for subscribers only.
Qualcomm Inc. shares jumped after the largest seller of smartphone chips gave a revenue forecast for the current quarter that indicates the mobile-phone industry’s inventory glut may finally be receding.
Sales will be $9.1 billion to $9.9 billion in the fiscal first quarter, Qualcomm said Wednesday in a statement. The midpoint of that range — $9.5 billion — was well ahead of the average analyst estimate of $9.26 billion.