Qualcomm sales forecast disappoints; new businesses pick up

Qualcomm Inc., the largest maker of smartphone processors, reported quarterly earnings that showed signs of success for the chipmaker’s push into new businesses like computers and cars, an effort that helped mitigate the impact of a prolonged slump in mobile-handset sales.

In the first quarter, which ended Dec. 25, Qualcomm said revenue fell 12% to $9.46 billion, missing analysts’ average projection. While handset-related sales slumped 18% to $5.75 billion, that was higher than some analysts had predicted and topped an average estimate of $5.25 billion. Automotive sales jumped 58% from a year earlier to $456 million. Connected devices revenue climbed 7% to $1.68 billion.