Qualcomm forecast beats forecasts as diversification efforts pay off

FILE PHOTO: Qualcomm logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Wolfgang Rattay

SAN FRANCISCO: Qualcomm Inc on Wednesday forecast better-than-expected profits and revenue for its current quarter on soaring demand for chips used in phones, cars and other internet-connected devices.

The San Diego company, still the biggest supplier of chips for mobile phones, has worked to diversify its chip portfolio in recent years. Its optimistic forecast came even as smartphone makers such as Apple Inc have been struggling with supply chain issues and reporting uneven results.