Qualcomm Inc., the largest maker of smartphone processors, gave a bullish revenue forecast for the current period, though a US tax change took a toll on profit last quarter.

Sales will be roughly $12.2 billion in the fiscal first quarter, which runs through December, the company said in a statement Wednesday. Profit will be about $3.40 a share, minus certain items. Analysts had estimated revenue of $11.6 billion and earnings of $3.26 a share.

The outlook suggests that demand remains strong in the high-end Android phone market, which generates much of Qualcomm’s revenue. At the same time, Chief Executive Officer Cristiano Amon is working to transform the company into a more diversified seller of chips for cars, personal computers and data centres. And that effort is showing signs of payin

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