Qualcomm's Sales Surge Amid Smartphone Market Strength

After a successful day for chip stocks, Qualcomm's shares surged even higher during after-hours trading, as the company announced a 19% increase in quarterly revenue and nearly doubled its profit. These figures indicate a growing demand for smartphones and other electronic devices incorporating Qualcomm's chips. The company exceeded sales estimates for the recent quarter and projected revenue between $10.5 billion and $11.3 billion for the current period, suggesting an expected performance above the anticipated $10.6 billion.