By Stephen Nellis and Arsheeya Bajwa
(Reuters) – 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 U.S. and European markets, with a midpoint of $10.90 billion and $2.95 per share. Wall Street expected $10.59 billion and $2.86 per share, according to data from LSEG.
For the fiscal fourth quarter ended September 29, Qualcomm said sales and adjusted profits were $10.24 billion and $2.69 per share, compared with analyst expectations of $9.91 billion and $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.
(Reporting by Stephen Nellis in San Francisco and Arsheeya Bajwa in Bengaluru; Editing by David Gregorio)
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