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Qualcomm reported better-than-expected fiscal first-quarter results as sales of handset chips increased by 16% from the previous year. The company’s net income rose 24% to $2.77 billion. Qualcomm, known for making smartphone chips, has been working to expand its chip technology to markets beyond smartphones. It shipped $6.69 billion in handset chips during the quarter, indicating a positive sign for the smartphone market after two years of declines. Qualcomm expects global handset sales to be flat year over year and sees the Android market stabilizing after 2023. The company is also focusing on selling chips to automakers and car suppliers.

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