Qualcomm rallies on signs smartphone market slump is easing

News Snapshot:

Qualcomm logo is seen in this illustration taken, May 8, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing Rights Nov 2 (Reuters) - Qualcomm (QCOM.O) rose nearly 6% on Thursday as its strong first-quarter forecasts signaled that the two-year-long slump in the smartphone market was easing, led by a recovery in China. The company, among the largest designers of chips used in smartphones, was set to increase its market value by nearly $7 billion based on its $117.09 premarket share price. After four quarters of decline in its mainstay smartphone business, Qualcomm is starting to see an end to the inventory pile-up in...