Qnity raises annual revenue forecast as AI spending climbs

May 12 (Reuters) - Semiconductor ‌solutions provider ​Qnity ​Electronics raised its annual revenue and profit forecast on Tuesday, driven ‌by demand for artificial intelligence and high-performance ⁠computing.

Shares of the company gained over 5% in early ‌trading.

Demand for semiconductor ‌equipment is surging on AI infrastructure spending, boosting suppliers like Qnity, which makes chips, ​advanced packaging, interconnects and thermal management products for data centers.

• Qnity expects full-year ⁠revenue in the range of $5.23 billion to $5.38 billion, up from its ​earlier projection between $4.97 billion to $5.17 billion. Analysts, on average, estimate annual revenue ​of $5.12 billion, according to ‌data compiled by LSEG.

• Adjusted profit is expected to be between $3.80 and $4.14 ⁠per share, compared with its previous forecast of $3.55 to $3.95.

• The Wilmington, Delaware-based company was spun ⁠off from industrial materials maker DuPont in October and ​began trading as an independent public company in November.

• For the first quarter, Qnity posted revenue of $1.32 ‌billion, beating estimates of $1.27 billion.

• Adjusted profit came in at $1.08 per share, ‌compared with estimates of 92 cents per ⁠share for the ‌quarter ended March ​31.

(Reporting by Arunesh Sinha and Anhata Rooprai in Bengaluru; Editing by Vijay ‌Kishore)

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