Chip designer Qualcomm (QCOM.O) forecast first-quarter sales and profits above Wall Street targets on Wednesday as a smartphone sales slump finally starts to ease and a renewed contract with Apple (AAPL.O) helps boost its outlook.
A smartphone with a displayed Qualcomm logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photoforecast first-quarter sales and profits above Wall Street targets on Wednesday as a smartphone sales slump finally starts to ease and a renewed contract with Apple
The San Diego, California-based company forecast current-quarter revenue of $9.1 billion to $9.9 billion, with a midpoint above analysts' expectations of $9.2 billion according to LSEG data. Qualcomm predicted current-quarter adjusted profits of $2.25 to $2.45 per share, beating expectations of $2.23 according to LSEG.For the just-ended fiscal fourth quarter, Qualcomm reported sales of $8.67 billion and adjusted profits of $2.02 per share, both above analysts' estimates of $8.
In its chip business, Qualcomm said fourth-quarter revenue from smartphone handsets was $5.46 billion, beating analysts' expectations of $5.34 billion according to FactSet data. Automotive chip sales were $535 million in the fourth quarter, above estimates of $482 million according to FactSet. Overall, Qualcomm said its automotive chip business was up 24% for fiscal 2023 at $1.9 billion.U.S. Vice President Kamala Harris on Wednesday called for urgent action to protect the public and democracy from the dangers posed by artificial intelligence, announcing a series of initiatives to address safety concerns about the technology.
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