Qualcomm forecast beats estimates as diversification efforts pay off

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. Its optimistic forecast came even as smartphone makers such as Apple Inc have been struggling with supply chain issues and reporting uneven results.