Qualcomm Expects to Meet Profit Forecast

Qualcomm Inc. said its fiscal second-quarter profit will meet its forecast because of increased demand for newer semiconductors used in wireless devices. The San Diego-based chip designer said that profit excluding certain costs will be 20 cents a share in the period ending March 31. Chief Executive Irwin Jacobs boosted by 14% his forecast for shipments of newer phone chips that deliver faster wireless Internet access, a bright sign for an industry where wireless subscriber growth has stalled. Qualcomm shares gained 9.8%, or $3.21, to $35.91 on Nasdaq.