Qualcomm forecasts sales above Wall Street as supply bottlenecks ease

July 28 (Reuters) – Qualcomm Inc (QCOM.O) on Wednesday forecasted fiscal fourth quarter revenue higher than Wall Street expectations thanks to sales of 5G phones, including Apple Inc’s (AAPL.O) iPhones, and a growing portfolio of other chips.

The San Diego, California-based company is the biggest supplier of mobile phone chips in the world and the leader in 5G technology, supplying modem chips that help iPhones connect to wireless data networks and the modems and central processors for much of the Android market.

Shares were up 3.1% to $146.86 in after-market trading following the results, which could alleviate some concerns among investors about the impact of a global chip shortage on the smart phone market, including the iPhone.

Qualcomm Chief Executive Officer Cristiano Amon told investors during a conference call that the company’s efforts to secure its chips from multiple manufacturing partners were making progress, with the first shipment of significant volume in the fiscal third quarter and more to come in the coming months.

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Source: Reuters, Stephen Nellis