Qualcomm’s outlook adds to signs that chip crunch is easing

For investors looking for signs that the global semiconductor shortage is near an end, Qualcomm Inc. offered some solace: Though problems are expected to persist until next year, the chipmaker is now more adept at getting its hands on scarce parts.

Qualcomm has farmed out production of certain products to multiple manufacturers, helping ensure it has enough supplies. The moves helped the company deliver an upbeat forecast for the latest quarter, sending its shares up as much as 7.6% in late trading Wednesday.

“We do have constraints really across the board,” Chief Financial Officer Akash Palkhiwala said on the company’s earnings conference call. “But we feel pretty comfortable that the overall supply picture is playing out exactly as we had planned.”