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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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