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Qualcomm forecasts current quarter revenue above estimates -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: 5G and Qualcomm signs are seen at Mobile World Congress (MWC), Shanghai, China on June 28, 2019. REUTERS/Aly SONG/File Photo

(Reuters) – Qualcomm Inc (NASDAQ:) Wednesday’s forecast for second quarter revenues was higher than Wall Street estimates due to a surge in demand for chips that are used in smartphones and other internet-run devices, as a result of 5G growth and increased cloud adoption.

Qualcomm’s flagship chips, which enable smartphones to connect to data networks via mobile phones, are set to benefit from 5G services being launched in the United States.

It continues to profit from Huawei Technologies leaving the smart phone market. This has led many Chinese smartphone brands such as Xiaomi, Honor, and Oppo turning to Qualcomm for their chip requirements.

According to Refinitiv’s IBES data, the company expects current quarter revenue of between $10.2 and $11 billion. This compares with analyst estimates of $9.61 trillion.

The first quarter revenue was $10.7 million, which is compared to the $10.42 billion analysts expected, Refinitiv IBES data shows.

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