Qualcomm Signals Optimism Despite Sales, Profit Fall

Qualcomm said sales and profits fell in its fiscal fourth quarter, but the mobile-phone chip-maker gave a sunny forecast for its current quarter, suggesting recent troubles in the smartphone market may be fading. The company’s stock rose 4% in after-hours trading following the results, which included an outlook that beat Wall Street forecasts. Like a slew of other chip-makers tied to demand for consumer electronics, Qualcomm has seen its fortunes sag in recent quarters with a broad-based pullback in buying.