Qualcomm gives better-than-expected revenue forecast as company pushes AI-powered smartphones

Qualcomm reported a strong second-quarter performance with a revenue of $9.39 billion, surpassing expectations. The company saw a 1% increase in handset sales to $6.18 billion, driven by demand for AI-powered smartphones, particularly in China. Qualcomm's forecast for the current quarter is also above Wall Street predictions, indicating continued growth in its handset business and a recovery in the smartphone market. Additionally, the company's automotive and licensing businesses showed growth, while its Internet of Things segment declined.