Qualcomm chip sales to Chinese smartphone makers fuel strong results
Qualcomm on Wednesday forecast sales and profit in the current quarter would exceed Wall Street estimates as the company benefits from a wave of launches of flagship Chinese smartphones.
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The company's shares rose 5.5% in extended trading. They had surged 12% right after it reported results after the company also flagged a new $15 billion stock buyback.
The San Diego, California-based company is the biggest supplier of smartphone chips and is benefiting from a recovery in smartphone markets as consumers upgrade devices for artificial intelligence applications such as chatbots and image generators.
Qualcomm's derived 46% of its revenue in its most recent fiscal year from customers with headquarters in China.
The company shot down a question on a post-earnings call on whether the surge in China sales were prompted by concerns over possible tariffs that could be put in place by Donald Trump, who was re-elected as US president on Tuesday.
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