Qualcomm's profit up, forecast falls short

Qualcomm posted its second quarter earnings with a higher quarterly profit thanks to increased demand for chips in advanced mobile phones, but its forecast for the third quarter left Wall Street miffed. The company said earnings in the next quarter would drop from the year ago period, which could mean cheaper cell phones with less profitable chips may sell better than expected. Texas Instruments posted its quarterly results earlier this week and warned of slower than expected demand for chips used in advanced handsets.

For more on Qualcomm's quarter:
- read this Qualcomm Q2 press release