Qualcomm forecasts sales, profits above Wall Street estimates

Qualcomm forecasts sales, profits above Wall Street estimates

The chip designer targets the PC market while competing for a share of the smartphone recovery.

Qualcomm
For the fiscal fourth quarter ended Sept 29, Qualcomm posted US$10.24 billion in sales, exceeding expectations of US$9.91 billion. (Reuters pic)
NEW YORK:
Chip designer Qualcomm on Wednesday forecast sales and profit in the current quarter to come in above Wall Street estimates as the company tries to break into the personal computer market while it vies against rivals for a piece of a recovering smartphone market.

Qualcomm said it expects sales and adjusted profits for its fiscal first quarter, which will cover the holiday shopping season in US and European markets, with a midpoint of US$10.90 billion and US$2.95 per share. Wall Street expected US$10.59 billion and $2.86 per share, according to data from LSEG.

For the fiscal fourth quarter ended Sept 29, Qualcomm said sales and adjusted profits were US$10.24 billion and US$2.69 per share, compared with analyst expectations of US$9.91 billion and US$2.56 per share.

The San Diego, California-based company is the biggest supplier of smartphone chips and is benefiting from a recovery in the smartphone markets as consumers upgrade devices for artificial intelligence applications such as chatbots and image generators.

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