Qualcomm is among the world’s biggest suppliers of the modem chips that connect smartphones to wireless data networks.

Qualcomm QCOM-Q on Wednesday forecast fiscal first-quarter sales and profit above Wall Street expectations, powered by a renewal of end-market demand in the smartphone industry.

For the current fiscal first quarter, Qualcomm said it expects sales and adjusted profit with a midpoint of US$12.2-billion and US$3.40 per share, above analyst estimates of US$11.62-billion and US$3.31 per share, according to LSEG data.

For the fiscal fourth quarter ended Sept. 28, Qualcomm reported sales and adjusted profit of US$11.27-billion and US$3 per share, compared with Wall Street expectations of US$10.79-billion and adjusted profit of US$2.88 per share.

Qualcomm is among the world’

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