By Dave Sebastian

Shares of Qualcomm Inc. (QCOM) rose 7.5% Thursday to $91 after the company beat adjusted profit and revenue expectations and provided its first forecast for global 5G smartphone shipments.

The chip maker on Wednesday said it expects 5G smartphone shipments of 175 million to 225 million next year, pointing to demand taking off.

The San Diego company posted quarterly profit of 42 cents a share, compared with a loss of 36 cents a share a year ago, when Apple Inc. (AAPL) stopped using Qualcomm's chips amid a patent-license dispute between the companies. Analysts polled by FactSet were expecting 56 cents a share.

Adjusted earnings were 78 cents a share, compared with 89 cents a share in the prior year. Analysts were looking for 71 cents a share.

Revenue for the company's fourth quarter was $4.81 billion, down 17% but ahead of the $4.76 billion predicted by analysts.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

November 07, 2019 13:14 ET (18:14 GMT)

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