Qualcomm forecasts sales above Wall Street estimates on 5G, connected devices strength

:Qualcomm Inc on Wednesday forecasted fiscal fourth quarter revenue higher than Wall Street expectations thanks to sales of 5G phones, including Apple Inc's iPhones, and a growing portfolio of other chips.

The company is also benefiting from the exit from the global smartphone market of China's Huawei Technologies Co Ltd. Huawei's flagship models did not use Qualcomm chips but its rivals, who are now snapping up market share, mostly do. The expanded menu of offerings helped boost Qualcomm's chip revenue forecast, which had a midpoint of US$7.25 billion for the current fiscal fourth quarter, compared with analyst estimates of US$6.83 billion, according to Refinitiv data.

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