Qualcomm Gives Solid Outlook in Sign of Smartphone Recovery

Qualcomm Inc., a leading supplier of smartphone processors, has provided a positive sales and profit forecast, indicating a recovery in the smartphone market after a two-year decline. The company anticipates revenues between $8.8 billion and $9.6 billion for the quarter ending in June, with earnings per share between $2.15 and $2.35.

This optimistic outlook aligns with Qualcomm's expectations of a gradual market recovery by 2024, supported by strong sales performance in China. Despite efforts to diversify into other sectors like PCs and vehicles, Qualcomm remains largely dependent on the smartphone industry, particularly in the Chinese market. The company's shares rose 3% in extended trading following the announcement.