Qualcomm forecasts revenue, profits above estimates

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- Chip designer Qualcomm forecast first-quarter sales and profits above Wall Street targets on Wednesday as a smartphone sales slump finally starts to ease and a renewed contract with Apple helps boost its outlook.

For the just-ended fiscal fourth quarter, Qualcomm reported sales of $8.67 billion and adjusted profits of $2.02 per share, both above analysts' estimates of $8.51 billion and $1.91 per share, according to LSEG data. Analysts also expect major Qualcomm customer Samsung Electronics to resume using some of its own in-house chips after using all Qualcomm chips in its most recent devices.

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