Qualcomm advances on smartphone market revival, Chinese handset launches

Qualcomm shares rose 4 per cent on Thursday after the chip designer’s strong quarterly revenue forecast fanned investor optimism about a China-led recovery in the smartphone market.

The company, the biggest supplier of smartphone chips, will add around $8 billion to its market value, if the gains hold.

It forecast both first-quarter sales and adjusted profit above market estimates on Wednesday, signaling the smartphone market was picking up after a tough 2023 as consumers upgrade devices for AI apps such as chatbots and image generators.