Qualcomm forecasts current-quarter revenue largely above estimates

(Reuters) – Qualcomm Inc on Wednesday forecast fourth-quarter revenue largely above Wall Street expectations, powered by strong sales of more lucrative 5G devices despite a weak overall smartphone market.

Qualcomm, the world’s biggest supplier of mobile phone chips, said it expects current-quarter adjusted revenue of between $5.5 billion and $6.3 billion, compared with analysts’ estimates of $5.78 billion, according to IBES data from Refinitiv.

(Reporting by Munsif Vengattil in Bengaluru and Stephen Nellis in San Francisco; Editing by Maju Samuel)