Qualcomm on Wednesday forecast sales and profits above analyst expectations as artificial intelligence features helped fuel demand for smartphones, laptops and other devices powered by its chips. For its current fiscal second quarter,

Qualcomm on Wednesday forecast sales and profits above analyst expectations as artificial intelligence features helped fuel demand for smartphones, and its share price fell after the bell on expectations of flat revenue from its patent licensing business.

For its current fiscal second quarter, Qualcomm forecast sales range with a midpoint of US$10.75 billion and adjusted profits of US$2.80 per share, both above analyst estimates of sales of US$10.34 billion and adjusted profit US$2.69 per share, according to data from LSEG.