Qualcomm sees earnings below Street as smartphone market sags

People visit a Qualcomm booth at the Mobile World Congress (MWC) in Shanghai, China February 23, 2021. REUTERS/Aly Song

BENGALURU/OAKLAND, Calif (Reuters) - Qualcomm Inc forecast second-quarter revenue and profit below Wall Street estimates on Thursday as the chipmaker grapples with the combined toll of weak demand for smartphones and a supply glut, a situation that is expected to persist into the first-half of this year.

Inflation and macroeconomic uncertainty have hurt consumer electronics sales, and while Qualcomm has been somewhat buffered by its focus on premium smartphones, analysts said even that market has been hit.