Qualcomm forecasts revenue above estimates, betting on AI use to drive chip demand

July 30 (Reuters) - Qualcomm QCOM.O projected current-quarter sales above Wall Street expectations on Wednesday, wagering that growing AI capabilities in consumer devices will boost demand for its semiconductors despite ongoing global trade uncertainties.

The San Diego-based company is the world's largest supplier of modem chips that enable smartphones to connect to wireless data networks.

It forecast revenue between $10.3 billion and $11.1 billion for the September quarter, compared with estimates of $10.64 billion, according to data compiled by LSEG.

Qualcomm has not seen signs of customers ordering chips ahead of normal seasonals schedules to try to get ahead of possible tariffs, Chief Financial Officer Akash Palkhiwala told Reuters in an interview.

U.S. President Donald Trump's tariff policies have so far provided exemptions for smartphones and semiconductor chips from these levies. But Trump has issued warnings about potential sector-specific tariffs targeting the industry, stating as recently as this month that he would "soon announce tariffs on semiconductors."

The tariff situation remains highly fluid and complex, with existing Chinese electronics tariffs still in effect despite the exemptions granted for certain categories.

Global smartphone shipments climbed 1% in the second quarter, according to research firm IDC, as Apple, a key Qualcomm customer, accelerated shipments to avoid potential tariff impacts.

Still, the company said its chip segment revenue from customers excluding Apple were up more than 15% so far this fiscal year.

Qualcomm CEO Cristiano Amon said he expects to the company's business in supplying chips to augmented-reality glasses such as Meta Ray-Bans to expand.

"We have all the designs that matter right now - the number of designs like the Meta glasses is now up to 19, and that continues to accelerate," Amon told Reuters in an interview.

Qualcomm forecast fiscal fourth-quarter sales chip segment sales at a midpoint of $9.3 billion, compared with analyst estimates of $9.19 billion, according to Visible Alpha data.

The chipmaker reported sales of $10.37 billion for its third quarter ended June 29, beating estimates of $10.35 billion.

The company's third-quarter adjusted profit of $2.77 per share compared with estimates of profit of $2.71 per share.

It expects adjusted profits in the fiscal fourth quarter of about $2.85 per share, above estimates of $2.83 per share.