Qualcomm Inc on Wednesday forecast second-quarter revenue above Wall Street estimates amid hovering demand for its chips utilized in units from telephones to internet-run devices on the again of an uptick in 5G and cloud adoption.
With 5G providers rolling out throughout the United States and being more and more adopted worldwide, Qualcomm is ready to realize with its flagship chips that allow telephones to connect with cellular knowledge networks.
The firm continues to learn from the exit of Huawei Technologies from the good cellphone market, which has led to many different Chinese cellphone manufacturers together with Xiaomi, Honor and Oppo to show to Qualcomm for his or her chip wants.
The firm forecast current-quarter revenue between $10.2 billion and $11 billion, in contrast with analysts’ estimates of $9.61 billion, in line with IBES knowledge from Refinitiv.
Revenue within the first quarter was $10.7 billion, in contrast with analysts’ estimates of $10.42 billion, in line with Refinitiv IBES knowledge.
(Reporting by Chavi Mehta and Tiyashi Datta in Bengaluru; Editing by Krishna Chandra Eluri)