Smartphone Recovery, Automotive Growth Boosts Qualcomm’s Sales

Mobile-phone chip giant Qualcomm reported better-than-expected sales and profits in its latest fiscal quarter, buoyed by a recovery in the smartphone market and a growing business supplying the auto industry. Chip companies weathered an extended sales slump for electronics last year, when many consumers and companies paused buying after stocking up at the outset of the pandemic. Smartphone sales last year fell by 3.5%, International Data Corporation estimated in November.