Qualcomm forecasts solid quarter but smaller Samsung business hits shares

SAN FRANCISCO: Chip designer Qualcomm on Wednesday forecast quarterly sales and profit above market expectations as premium smartphone sales rebounded, but a possible loss of business next year from Samsung, a key customer, sent its shares down after hours.

Qualcomm is among the world’s biggest suppliers of modem chips that connect smartphones to wireless data networks. For the current fiscal first quarter ending in December, Qualcomm said it expects sales and adjusted profit with a midpoint of $12.2 billion and $3.40 per share, above analyst estimates of $11.62 billion and $3.31 per share, according to LSEG data.