Qualcomm forecasts first-quarter sales above estimates

Qualcomm's shares were up 5% in extended trading.The San Diego-based company is the biggest supplier of processors for smartphones and modem chips that connect phones to wireless data networks.Qualcomm, which makes the bulk of profits from its licensing business, said revenue from the unit was $1.51 billion (£1.16 billion), above FactSet estimates of $1.30 billion.