Qualcomm Q1 results top estimates as smartphone demand continues to improve

Investing.com -- Qualcomm reported fiscal first-quarter results Wednesday and guidance for the current quarter as smartphone demand continues to improve, boosting demand for its chips.

Shares in California-based Qualcomm Incorporated (NASDAQ: QCOM) were up more than 1% in after-hours dealmaking.

Qualcomm reported adjusted earnings per share of $3.41 on revenue of $11.67 billion, beating projections of $2.97 and $10.03B, according to an Investing.com forecast based on a poll of analysts.

For Q2, the company is forecasting adjusted EPS of $2.70 to $2.90 on revenue of $10.3B to $11.2B, compared with estimates for $2.71 and $10.36B, respectively.

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