Big Tech
Qualcomm Outlook Tops Estimates After Phone Demand Picks Up
- Company says business improved in important market of China
- Chipmaker authorizes new $15 billion buyback program
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Qualcomm Inc., the world’s biggest seller of smartphone processors, gave a bullish sales forecast for the current period, pointing to bright spots in the mobile device industry. The shares jumped in early trading on Thursday.
Revenue in the quarter ending in December will be $10.5 billion to $11.3 billion, the company said Wednesday in a statement. Analysts, on average, estimated $10.5 billion. Profit, minus certain items, will be as much as $3.05 a share, beating Wall Street projections.