Qualcomm and SoftBank-backed Arm posted strong quarterly sales growth on Wednesday as the chipmakers benefited from better than expected smartphone demand. Qualcomm reported revenue of $11.7bn for the quarter to the end of December,

Qualcomm reported record quarterly sales and healthy profits as rising sales of phone and automotive chips lifted its results. Qualcomm, one of the largest suppliers of communications and number-crunching chips that go into phones,

Qualcomm on Wednesday forecast sales and profits above analyst expectations as artificial intelligence features helped fuel demand for smartphones, and its share price fell after the bell on expectations of flat revenue from its patent licensing business.