Qualcomm shares rise amid signs the global glut of mobile phone chips is easing

Qualcomm had said sales will be $9.1bn to $9.9bn in its financial first quarter, well ahead of the average analyst estimate

Many consumers — especially in China — have been holding on to existing phone models for longer than in the past, hurting demand for Qualcomm’s chips. File picture: VCG/Getty

Qualcomm shares jumped after the largest seller of smartphone chips gave a revenue forecast for the current quarter that indicates the mobile phone industry’s inventory glut may finally be receding. The firm has a major research and development engineering base in Ireland.

Sales will be $9.1bn (€8.5bn) to $9.9bn in its financial first quarter, Qualcomm had said, which was well ahead of the average analyst estimate. The shares rose 5% in New York trade in the latest trading session.