Qualcomm Outlook Fails to Meet Lofty Investor Expectations (1)

Qualcomm Inc., the largest maker of smartphone processors, became the latest chipmaker to deliver an upbeat forecast and still leave investors underwhelmed.

Though the company’s sales and profit forecasts handily topped Wall Street estimates on Wednesday, its stock slipped as much as 3% in the following day’s trading.

Qualcomm CEO Cristiano Amon is working to decrease the company’s reliance on the smartphone market.

Photographer: Annabelle Chih/Bloomberg

It’s become a familiar story. Advanced Micro Devices Inc. also failed to impress investors with a strong revenue outlook this week. The company — Nvidia Corp.’s closest competitor in the market for artificial intelligence computing components — was coming off an AI-fueled rally that set expectations at stratospheric ...